Trump optimistic about India-US trade deal with 'much less tariffs'
Though Trump suspended the reciprocal tariffs for 90 days, a 10-per cent baseline duty continues to be in effect. The US tariff relaxation ends on July 9.
Expressing optimism about finalising a trade deal with India that would lower tariffs and allow US firms greater access to the Indian market, President Donald Trump yesterday said New Delhi is prepared to reduce taxes for US firms that could pave the way for a deal, averting the 26-per cent tariff rate. His comments followed reports about talks hitting a stalemate over key agricultural demands.
"I think we are going to have a deal with India. And that is going to be a different kind of deal. It is going to be a deal where we are able to go in and compete. Right now, India doesn't accept anybody. I think India is going to do that and if they do that, we're going to have a deal for less, much less tariffs," the US President was quoted as telling reporters aboard Air Force One by global newswires.
His comments followed media reports about negotiations hitting a stalemate over key agricultural demands.
The Indian delegation, led by special secretary Rajesh Agrawal of the department of commerce, has extended its stay in Washington, D.C, to finalise the deal.
According to Indian media reports, New Delhi has hardened its stance against granting duty concessions to American farm products, while seeking tariff cuts for its labour-intensive exports like textiles, engineering goods, leather and gems and jewellery.
The United States is pressing for duty concessions on agricultural items, including dairy, apples, tree nuts and genetically-modified crops, as well as on industrial goods, automobiles, wines and petrochemical products.
India has not opened its dairy sector in any free trade pact till now.
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