Race Against Time: Bridging Trade Gaps Before August Deadline

As the crucial deadline of August 1 swiftly approaches, both India and the US are engaged in intense negotiations to finalize an interim trade deal. This comes as the suspension period for tariffs imposed by US President Donald Trump is set to end, potentially impacting multiple sectors.

Sources indicate that if talks extend beyond the deadline, any agreement would override the existing tariff structure. The US delegation is scheduled to visit India on August 25 to continue discussions about the bilateral trade agreement, with efforts to ease tariffs in critical areas like agriculture and technology.

Amidst ongoing talks, the US is pushing for reduced duties on industrial and agricultural goods, while India seeks to lower additional tariffs on exports such as textiles and aluminum. This strategic dialogue aims to establish a new framework for trade relations before the fall deadline.

(With inputs from agencies.)