US Tariffs Shake India-US Trade Talks: Balancing Global Relations

In a pivotal moment for global trade dynamics, the Indian government is evaluating the implications of President Donald Trump's declaration of imposing 25% tariffs on Indian goods alongside additional penalties for India's military and crude oil purchases from Russia. This development comes amidst ongoing discussions for a bilateral trade agreement between India and the US, which has seen five rounds of talks since March 2023.

According to an official statement released on Wednesday, India remains committed to concluding a fair, balanced, and mutually beneficial trade deal that safeguards national interests. The government emphasizes the importance of protecting the welfare of farmers, entrepreneurs, and small businesses.

The two nations aim to drastically increase bilateral trade, targeting USD 500 billion by 2030, with efforts to finalize an interim trade deal before the complete bilateral trade agreement later this year. The US delegation is scheduled to visit India on August 25, 2023, for the sixth round of talks.

(With inputs from agencies.)