Mini US Trade Deal likely as GM Door Ajar
The fifth round of talks for the proposed
bilateral trade agreement
(BTA) are currently being held in Washington.
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US President Donald Trump said a trade deal with India would be on the 'same line' as that with Indonesia, which will face a 19% tariff, suggesting that New Delhi, too, may be subject to tariffs above the baseline 10%. 'There will be an interim deal first, be it first tranche or second tranche, before a BTA,' said an official. 'We will close multiple deals as and when they finalise. We will be doing our job. Rest we will leave to others,' the official said, without elaborating.
India is demanding greater market access for labour-intensive industries such as textiles and electronics while the US wants steep cuts in tariffs across sectors including cars and access for its dairy and farm products.
'We aim to package a deal before the Quad summit,' said the official cited above.
India will host the 2025 summit of the four-member Quad grouping, also comprising the US, Australia, and Japan, later this year. Trump is set to attend the summit.
The US has announced tariffs on several nations from August 1 including those with whom it has finalised trade deals.
As per the trade pact with Vietnam, the US has imposed a 40% duty on transshipped goods. With Indonesia, it has sought commitments to purchase $15 billion in American energy, $4.5 billion in American agricultural products, and 50 Boeing jets. Conditions related to India continuing to buy Russian crude oil could be proposed in the BTA talks.
Trump, on July 14, proposed 100% tariffs on Russian oil buyers, followed by NATO issuing a warning to India, China, and Brazil that they could face harsh secondary sanctions — including 100% tariffs — if they kept doing business with Russia without pressuring Moscow to start peace talks. The US has already proposed a 10% tariff on all BRICS exports, besides levying a 50% tariff on Brazil, partly for pressuring platform X to remove content.
'India, which also makes takedown requests, could be targeted next. More such tariffs could follow,' said a New Delhi-based trade expert, adding that even a trade deal will not guarantee protection due to Washington's uncertain approach.
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