Trump-Modi talks key to trade deal: Former Asst USTR
He said there is a strong desire on the US side to make progress and conclude a short-term agreement, followed by a longer-term bilateral trade deal.
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"At this point, I think a conversation between the President (Donald Trump) and Prime Minister (Narendra Modi) can clear the air and possibly even set the terms for a deal," Linscott, who led trade negotiations under the previous Trump regime, told ET.
Linscott, however, said this may require a cooling-off period once new tariffs are in place, followed by a phone call between President Trump and Prime Minister Modi.
"I'm a strong believer in never saying never, particularly when it involves the United States and India. We've seen over and over again how Trump can reverse course on a dime," he pointed out.
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"However, the next few days and weeks will be key in moving on, and I don't even rule out a trade deal along the lines of those with Japan, the EU and Korea during this period," he said.
Trump had on Thursday said India's tariffs are among the highest in the world and slammed its ties with Russia calling both their economies dead, hours after announcing a 25% tariff on imports from New Delhi plus a penalty for trade with Moscow.
A US trade team is scheduled to visit New Delhi on August 25 to continue talks on the proposed trade deal. The two sides are engaged in talks for a
bilateral trade agreement
(BTA), the first tranche of which is to be concluded by October with the aim to more than double the bilateral trade in goods and services to $500 billion by 2030 from the current $191 billion.
Linscott termed the latest development only a "hiccup" in US-India trade negotiations.
"...it requires a steady hand on the Indian side to signal that it is committed to continuing negotiations," he said. "But Trump remains a deal maker, and I believe there is a strong desire on the US side to make progress and conclude a short-term agreement and a longer-term bilateral trade agreement, " he added.
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