India-US Set to Secure Interim Trade Deal Amid Tariff Negotiations

India and the United States are on the verge of finalizing an interim trade agreement aimed at mitigating tariff challenges and enhancing bilateral commerce. Negotiations have advanced with India's push for complete exemption from a 26 per cent reciprocal tariff on domestic goods, according to a government official.

The United States initially imposed the additional tariff on April 2, with a 90-day suspension till July 9, although a 10 per cent baseline tariff remains. India seeks concessions in labor-intensive sectors such as textiles and leather, critical for economic bolstering.

Commerce Minister Piyush Goyal recently engaged in discussions in Washington to expedite talks, meeting with top US officials. With both nations targeting a conclusion by the fall, hopes are high to boost bilateral trade, fostering sustainable economic growth between these pivotal economies.

(With inputs from agencies.)