India-US interim trade deal talks: Both sides wrap up extended round of trade negotiations
This round of talks assumes significance as the US has set a fresh deadline of August 1 to implement reciprocal tariffs. While US President Donald Trump reiterated that a deal with India is close, India could face tariffs of up to 26 per cent if both countries fail to reach an agreement.
Government officials have maintained that India is aiming to sign a bilateral trade agreement (BTA) by the end of the year, which would provide market access in labour-intensive sectors and ensure a significant tariff differential compared to its Asian peers.
Talks have encountered complications over agriculture, with the US seeking market access for genetically modified (GM) products such as soya and corn, along with broad-based access across sectors. However, the farmers' body Indian Coordination Committee of Farmers Movements (ICCFM) has urged the government to exclude all aspects of agriculture from the US trade deal in order to protect the interests of Indian farmers.
Government officials have said that, as of now, only US baseline tariffs of 10 per cent and sectoral tariffs on steel and aluminium — along with fentanyl-related tariffs on China — have come into effect. 'These have resulted in higher duty collections for the US, and their imports from China and specific sectors have gone down,' an official said.
While sectoral tariffs — such as 50 per cent on steel, aluminium and copper — are already disrupting India's exports to the US, Trump has also threatened steep tariffs on BRICS countries over their challenge to the US dollar and has warned of duties on buyers of Russian oil. Notably, India is a top importer of Russian oil.
Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
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