India, US teams conclude fifth round of talks for proposed trade pact: Official
New Delhi, Jul 19 (PTI) India and the US teams have concluded the fifth round of talks for the proposed bilateral trade agreement (BTA) in Washington on July 17, an official said.
The negotiations were held for four days (July 14-17) in Washington.
'The Indian team is coming back," the official said.
India's chief negotiator and special secretary in the department of commerce Rajesh Agrawal leads the team for negotiations.
These deliberations are important as both sides are looking at finalising an interim trade deal before August 1, which marks the end of the suspension period of the Trump tariffs imposed on dozens of countries including India (26 per cent).
On April 2 this year, US President Donald Trump announced these high reciprocal tariffs. The implementation of high tariff was immediately suspended for 90 days till July 9 and later till August 1 as America is negotiating trade deals with a number of countries.
Issues related to agriculture and automobiles are learnt to have figured during the fifth round of negotiations. Matters related to ways to deal with non-market economies, and SCOMET (Special Chemicals, Organisms, Materials, Equipment, and Technologies) also came up for discussions.
India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. Certain farmers' associations have urged the government not to include any issues related to agriculture in the trade pact.
India is seeking the removal of this additional tariff (26 per cent). It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and the auto (25 per cent) sectors. Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties.
The country is also seeking duty concessions for labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas in the proposed trade pact.
On the other hand, the US wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, and agri goods, dairy items, apples, tree nuts, and genetically modified crops.
The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. Before that, they are looking for an interim trade pact.
India's merchandise exports to the US rose 22.8 per cent to USD 25.51 billion in April-June quarter this fiscal year, while imports rose 11.68 per cent to USD 12.86 billion. PTI RR HVA
view comments
First Published:
July 19, 2025, 10:45 IST
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
14 minutes ago
- Indian Express
Omar seeks Centre's ‘urgent' intervention after Ramban resident's abduction in Niger
Jammu and Kashmir Chief Minister Omar Abdullah Sunday sought the central government's intervention in the release of a Ramban resident abducted by militants from Dosso region in the West African country of Niger. In a tweet on his official handle on X, Omar sought the 'urgent intervention' of the External Affairs Minister S. Jaishankar and the Ministry of External Affairs to ensure Ranjeet Singh's return. While Ranjeet was abducted, two other Indian migrants – including one from Jharkhand – were killed on July 15 after some gunmen attacked their worksite some 30 km from the country's capital, Niamey. 'The Chief Minister has expressed concern over the abduction of Ranjeet Singh, a resident of Ramban, in Niger. He urges the Hon'ble EAM @DrSJaishankar and #MEAIndia to urgently intervene to secure Ranjeet's safe and swift return,' a post on X by the Chief Minister's Office said. Omar's tweet followed a similar appeal by Ranjeet's wife Sheela Devi. A senior safety officer at an integrated power transmission and distribution company in Niger, Ranjeet was at the worksite during the attack. At home in remote Chakka Kundi village in Ramban, Ranjeet's old parents Mohan Lal and Sadhu Devi are waiting for him to return. Talking to the media during the day, Sheela Devi said that the family last talked with Ranjeet last Tuesday and there had been no contact since. 'I came to know about her husband's abduction through his friend the next day… I don't know what kind of situation my husband is in and I don't know what the local government is trying to do to secure his,' she said, adding that she had met Ramban Deputy Commissioner Mohammad Alyas Khan, who promised 'to do everything in his capacity'. In a post on X Friday, the Indian Embassy confirmed the 'heinous terror attack' on July 15. 'Our heartfelt condolences to the bereaved families. Mission in Niamey is in touch with local authorities to repatriate mortal remains and ensure the safe release of the abducted Indian. All Indians in Niger are advised to remain vigilant,' the post said.
Mint
14 minutes ago
- Mint
Global markets today: Kospi, ASX 200 trade mix following China's benchmark rates
Global markets today: Asian markets showed a mixed trend on Monday, with investors closely monitoring the People's Bank of China's upcoming decision on the 1-year and 5-year loan prime rates for July, along with recent trade-related developments. South Korea's markets opened on a positive note, with the Kospi index rising 0.45 per cent, while the Kosdaq remained unchanged. Meanwhile, Australia's S&P/ASX 200 benchmark also traded flat. Japanese markets were shut due to the Marine Day public holiday. Trump's tariffs returned to the focus over the weekend after the White House reaffirmed its stance on tariffs. U.S. Commerce Secretary Howard Lutnick said on Sunday that August 1 is the "firm deadline" for countries to begin paying tariffs, while also noting that dialogue could still continue beyond that date. The S&P 500 and Nasdaq Composite ended nearly flat on Friday, bouncing back from a brief decline sparked by a Financial Times report that U.S. President Donald Trump was advocating for significant new tariffs on European Union goods. The S&P 500 slipped by just 0.57 points, or 0.01 per cent, to close at 6,296.79, while the Nasdaq Composite inched up 10.01 points, or 0.05 per cent, to settle at 20,895.66. Meanwhile, the Dow Jones Industrial Average dropped 142.30 points, or 0.32%, to finish at 44,342.19. A report by the Financial Times stating that the Trump administration was considering setting a minimum tariff of 15 per cent to 20 per cent in any agreement with the European Union initially pushed markets down, though they later partially rebounded. The S&P 500 and Nasdaq have repeatedly reached new record highs in recent weeks, as investors grew less concerned about Trump's tariff threats and more confident that these policies might not harm the U.S. economy as much as initially expected. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
14 minutes ago
- Mint
After pledging to keep prices low, Amazon hiked them on hundreds of essentials
In April, Amazon said it would hold the line on prices. The Journal's analysis of prices from e-commerce data firm Traject Data found that while Amazon's price rose on 1,200 of its cheapest household goods, competitor Walmart lowered prices on the same items by nearly 2%. The divergent strategies show how major retailers are reshaping prices on popular products as uncertainty about tariffs drags on. Amazon said the products tracked by the Journal weren't representative of the company's prices overall. 'We have not seen the average prices of products offered in our store change up or down appreciably," the company said in a statement. 'Our commitment to offering low prices—not relative percentage changes—is what delivers the most value to our customers." Manufacturers of several of the products that became more expensive on Amazon say they haven't raised the prices they charge retailers. Even domestically made goods, such as the 'Made in U.S.A" Campbell's soup, saw increases. Imported goods and products with mixed origins—domestically assembled with imported components—faced even steeper hikes. Take the stackable metal basket from Ohio-based Dayglow LLC, which imports from China and other countries. Before mid-February, Amazon sold it for $9.31. By late April, Amazon had lifted the price to $19.99. Dayglow hasn't changed the prices it charges Amazon despite paying more on its imported goods, according to Nick Morrisroe, the company's CEO. 'Any container I had that was coming took a cost increase basically overnight," he said of steel tariffs that came into effect last month. The lowest-cost goods on Amazon saw one of their largest single-day increases on Feb. 15, two days after Trump signed an order suggesting tariffs would apply to most U.S. trading partners. Many of the products tracked by the Journal are 'everyday essentials" on Amazon—a category that represents one of every three units sold on Amazon in the U.S. during the first quarter of 2025, the company said. Amazon struggles to turn a profit on these products because shipping costs erase the already-thin margins, said Corey Thomas, an Amazon vendor consultant. Walmart can afford to lose money on similar online sales because customers often buy more profitable items in stores, he added. Prices fluctuate for various reasons, including seasonal discounts, competition and inflation, which accelerated last month. Amazon said the products analyzed by the Journal were out of stock more frequently on competitors' websites. Some more-expensive items in the Journal's analysis decreased in price as new versions were introduced. Prices fell during Amazon's Prime Day sales event that ran between July 8 and July 11 and have since rebounded, though they remain below their July 1 levels. Trump's recent delay of the tariff deadline to Aug. 1 also gives retailers time to stockpile products before higher rates go into effect. Retailers say they have tried everything to keep a lid on price increases, including pressuring suppliers and dropping free perks at offices. Target said it gives priority to other cost-control measures before raising prices, while Walmart said the data reflects its reputation for affordable pricing. The broader retail response to tariffs has been relatively muted. Prices for imported goods are up about 2% since March, according to research from Harvard economist Alberto Cavallo and members of the Harvard Business School's Pricing Lab. 'The lack of clarity may be causing retailers to implement price changes more cautiously and incrementally," Cavallo said. Many brands and retailers have used coded language when discussing pricing strategies with investors, fearing political backlash. Earlier this year, Amazon backed away from a plan to display tariff impacts on its bargain website Haul after the White House called the plan a 'hostile and political act." Trump warned businesses in May to 'EAT THE TARIFFS" after Walmart said higher tariffs would result in higher prices. For Morrisroe, whose company faced potential 145% tariffs on Chinese goods already in transit when the plan was announced, that directive carried real weight. 'Had they stayed at 145%, we would have been shutting down here," he said. Instead, his company paid the 30% tariff after Trump reduced the rate. Dayglow is now negotiating with manufacturers, searching for suppliers outside China and considering raising prices. For now, Morrisroe said he's doing exactly what Trump asked—eating the tariffs. Write to Shane Shifflett at Nate Rattner at Sebastian Herrera at and Brian Whitton at
