US President Donald Trump said on Tuesday (local time) that US and India are close to sealing a trade pact that would significantly lower existing tariffs, enabling both countries to compete on a more even footing.
"I think we are going to have a deal with India … and if they do that, we are going to have a deal for much less tariffs,” Trump told reporters.
The talks centre on a Bilateral Trade Agreement (BTA) that negotiators are racing to seal before the July 9 expiration of a 90‑day moratorium on proposed tariff hikes. The moratorium, in place since April 2, temporarily stayed the re‑imposition of 26% reciprocal duties introduced by the Trump administration.
India has toughened stand on farm‑sector issues
Indian officials have toughened their stand on farm‑sector issues as the high‑stakes discussions approach a decisive phase, government sources revealed on Monday.
Chief negotiator Rajesh Agrawal is heading the Indian delegation, which has extended its stay in Washington in a bid to bridge last‑minute gaps.
External affairs minister S Jaishankar has said government is hopeful of finalizing a trade deal with the US amid hardening of position by India on issues related to tariff cuts on agricultural products.
"We are in the middle, hopefully more than the middle, of a very intricate trade negotiation. Obviously, my hope would be that we bring it to a successful conclusion", Jaishankar said. Meanwhile,White House spokesperson Karoline Leavitt also said the deal would happen very soon.
Prakash Kumar Pandey