U.S.-India Tariff Talks Near Critical Deal
The U.S. and India are close to finalizing a trade agreement to lower tariffs on American imports in India, aiming to prevent a sharp increase in levies imposed by the Trump administration. Indian officials extended a visit to the U.S., seeking to resolve disagreements over import duties.
The United States and India are on the cusp of securing a trade agreement to reduce tariffs on American goods entering the South Asian market, according to Treasury Secretary Scott Bessent. This move aims to deter an expected significant hike in levies put in place by the Trump administration.
In an interview with Fox News, Bessent expressed optimism about nearing a deal as Indian officials wrapped up their extended visit to Washington. The discussions, aimed at resolving ongoing issues involving import duties on auto components, steel, and farm produce, are racing against the clock to meet the July 9 deadline when current tariff concessions expire.
Amid these intricate negotiations, Indian Foreign Minister Subrahmanyam Jaishankar reiterated the complexity and the need for mutual concessions to reach a successful agreement. Talks have gained momentum as more than a dozen nations, including Japan, engage with the U.S. in hopes of favorable trade terms, underscoring the high stakes involved.
(With inputs from agencies.)
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