US-India Trade Talks: Navigating New Tariff Challenges
The Indian government is assessing implications of US President Trump's announcement to impose 25% tariffs on Indian goods. Both countries strive for a mutually beneficial trade agreement amid negotiations. Efforts are underway to protect India's national interests while aiming to double trade to USD 500 billion by 2030.
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The Indian government is evaluating the ramifications of US President Donald Trump's announcement of a 25% tariff on Indian goods, accompanied by a penalty for India's purchase of military equipment and crude oil from Russia. Discussions are ongoing as both nations aim for a balanced trade agreement.
An official statement underscores the government's dedication to safeguarding national interests, reminiscent of previous agreements, such as the one with the UK. Five rounds of talks have paved the path for this decision, and the government remains resolved to reach a fair trade deal.
Negotiations are focused on doubling bilateral trade in goods and services to USD 500 billion by 2030. The US delegation is scheduled to visit India on August 25, aiming to finalize the first phase of the agreement by this fall, with an interim deal preceding the comprehensive bilateral trade agreement.
(With inputs from agencies.)
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