India and US Near Early Tranche Trade Milestone
The India-US trade agreement is progressing well, with an early tranche expected before July 9. Key points include reciprocal tariffs, market access, and duty concessions across various sectors. Both countries are aiming to double trade to USD 500 billion by 2030, requiring significant tariff reductions.
- Country:
- India
Negotiations for the proposed trade agreement between India and the United States are advancing rapidly, according to a senior government official. Both countries aim to finalize an early tranche of the pact by July 9, amidst ongoing trade discussions and reciprocal tariff challenges.
The US recently imposed a 26 per cent additional tariff on Indian goods but suspended its execution until July 9, while the persistent 10 per cent baseline tariff remains. India is pushing for full exemption from this additional tariff as part of the trade agreement.
Both nations are targeting to more than double their current trade volume to USD 500 billion by 2030, necessitating broader market access and tariff reductions. The deal involves complex negotiations around duty concessions across sectors including textiles, automobiles, and dairy products.
(With inputs from agencies.)
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