&w=3840&q=100)
India, US race to seal interim tariff deal ahead of Trump's July deadline
Indian and US are holding high-level talks this week, aiming to finalise tariff cuts in sectors such as farm and automobiles as part of an interim deal, two government sources said, with an announcement likely later this month.
A US delegation led by senior officials from the Office of the United States Trade Representative (USTR) began closed-door, two-day discussions in New Delhi on Thursday with Indian trade officials headed by chief negotiator Rajesh Agrawal, the sources said.
"During the current round of talks, negotiators are discussing tariff cuts on specific sectors including agriculture and autos, and proposed benefits for Indian companies," one Indian government source, said.
The deal may be formally announced by month end, before the self-imposed deadline of July 9 by President Trump, but a statement is expected once meetings wrap up, possibly by Sunday, a second official said.
Trade Minister Piyush Goyal, currently in Italy, may return to meet the delegation, the official added.
The officials said spoke on the condition of anonymity due to the sensitivity of the discussions.
Indian trade ministry didn't immediately respond to requests for comments.
US Commerce Secretary Howard Lutnick said in Washington on Monday that trade negotiations were progressing and a deal could be finalised soon.
India and the US agreed in February to work on a phased deal, aiming to lift bilateral trade to $500 billion by 2030.
Officials said, India, buoyed by recent trade pact with the UK, and EU talks, is resisting US demands to open its farm and dairy markets, citing potential rural backlash.
"We are ready to offer a better deal than the UK pact, with average tariffs down to 10 per cent, matching the US base rate, and near-zero duties with quotas in exchange for market access and supply chain linkages," a third official said.
Washington has flagged India's average farm tariff of 39 per cent, with some duties reaching 45-50 per cent. It is also pushing India to allow corn imports for ethanol production.
Bilateral trade with the US, India's largest trading partner, rose to $129 billion in 2024, with India posting a $45.7 billion surplus.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
12 minutes ago
- Time of India
Republicans urge Donald Trump and Elon Musk to end their feud
Republicans are expressing concern over the escalating feud between Donald Trump and Elon Musk, fearing it could derail legislative priorities like tax and border spending bills. While some, like Senators Cruz and Lee, hope for reconciliation, others like Speaker Johnson, while desiring peace, cautioned against challenging Trump's leadership. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads As the Republican Party braces for aftershocks from President Donald Trump 's spectacular clash with Elon Musk , lawmakers and conservative figures are urging detente, fearful of the potential consequences from a prolonged a minimum, the explosion of animosity between the two powerful men could complicate the path forward for Republicans' massive tax and border spending legislation that has been promoted by Trump but assailed by Musk."I hope it doesn't distract us from getting the job done that we need to," said Rep. Dan Newhouse , a Republican from Washington state. "I think that it will boil over and they'll mend fences."As of Friday afternoon, Musk was holding his fire, posting about his various companies on social media rather than torching the president. Trump departed the White House for his golf club in Bedminster, New Jersey, without stopping to talk to reporters who shouted questions about his battle with Musk."I hope that both of them come back together because when the two of them are working together, we'll get a lot more done for America than when they're at cross purposes," Sen. Ted Cruz , a Texas Republican, told Fox News host Sean Hannity on Thursday Mike Lee, a Republican from Utah, sounded almost pained on social media as Trump and Musk volleyed insults at each other, sharing a photo composite of the two men and writing, "But ... I really like both of them.""Who else really wants @elonmusk and @realDonaldTrump to reconcile?" Lee posted, later adding: "Repost if you agree that the world is a better place with the Trump-Musk bromance fully intact."So far, the feud between Trump and Musk is probably best described as a moving target, with plenty of opportunities for escalation or person familiar with the president's thinking said Musk wants to speak with Trump, but that the president doesn't want to do it - or at least do it on Friday. The person requested anonymity to disclose private a series of conversations with television anchors Friday morning, Trump showed no interest in burying the hatchet. Asked on ABC News about reports of a potential call between him and Musk, the president responded: "You mean the man who has lost his mind?"Trump added in the ABC interview that he was "not particularly" interested in talking to Musk at the others remained hopeful that it all would blow over."I grew up playing hockey and there wasn't a single day that we played hockey or basketball or football or baseball, whatever we were playing, where we didn't fight. And then we'd fight, then we'd become friends again," Hannity said on his show Thursday that it "got personal very quick," Hannity nonetheless added that the rift was "just a major policy difference."House Speaker Mike Johnson projected confidence that the dispute would not affect prospects for the tax and border bill."Members are not shaken at all," the Louisiana Republican said. "We're going to pass this legislation on our deadline."He added that he hopes Musk and Trump reconcile, saying "I believe in redemption" and "it's good for the party and the country if all that's worked out."But he also had something of a warning for the billionaire entrepreneur."I'll tell you what, do not doubt and do not second-guess and don't ever challenge the president of the United States, Donald Trump," Johnson said. "He is the leader of the party. He's the most consequential political figure of this generation and probably the modern era."
Hindustan Times
12 minutes ago
- Hindustan Times
Bilawal Bhutto gets an earful from US lawmaker, asked to eliminate Jaish-e-Mohammed
A senior US lawmaker told a visiting Pakistani delegation, led by former foreign minister Bilawal Bhutto Zardari, to take strong action against the terrorist group Jaish-e-Mohammed and to ensure the safety of religious minorities in the country. This comes as Congressman Brad Sherman met with the Pakistani delegation in Washington on Thursday. Their visit coincided with that of an Indian multi-party parliamentary team led by Congress MP Shashi Tharoor, who is in the US to brief American officials about Operation Sindoor and India's response to terrorism following the April 22 Pahalgam attack. After meeting Bilawal Bhutto, Sherman took to social media platform 'X' and said, 'I emphasised to the Pakistani delegation the importance of combatting terrorism, and in particular, the group Jaish-e-Mohammed, who murdered my constituent Daniel Pearl in 2002.' He was referring to a Wall Street Journal journalist, Pearl, who was kidnapped and killed by terrorists in Pakistan. Omar Saeed Sheikh was convicted for planning the crime. Sherman added that Pearl's family still lives in his district and stressed, 'Pakistan should do all it can to eliminate this vile group and combat terrorism in the region.' The US lawmaker also pressed the Pakistani side to push for the release of Dr Shakil Afridi, the physician who helped US intelligence locate Osama bin Laden. 'Freeing Dr Afridi represents an important step in bringing closure for victims of 9/11,' Sherman said. Afridi was arrested in 2011 after the bin Laden raid and was later sentenced to 33 years in prison by a Pakistani court. The US lawmaker further raised concerns about religious freedom in Pakistan, saying, 'Christians, Hindus and Ahmadiyya Muslims living in Pakistan must be allowed to practice their faith and participate in the democratic system without fear of violence, persecution, discrimination, or an unequal justice system.' Bhutto Zardari's visit, which included meetings with UN secretary-general Antonio Guterres and UN security council ambassadors in New York, appears to be part of Pakistan's effort to raise the Kashmir issue internationally. However, US lawmakers instead urged the delegation to address terrorism based in Pakistan.
Hindustan Times
12 minutes ago
- Hindustan Times
China, Iran on board as Brics forum stands against Pahalgam attack
The Brics Parliamentary Forum has strongly condemned the April 22 Pahalgam terror attack and resolved to take collective action against terrorism, according to a communique released by the Lok Sabha Secretariat on Friday. The joint declaration was adopted at the 11th Brics Parliamentary Forum held in Brasilia, Brazil, by 10 member nations, including India, Brazil, Russia, China, South Africa, Iran, the United Arab Emirates, Egypt, Ethiopia, and Indonesia. The high-level Indian delegation was led by Lok Sabha Speaker Om Birla. 'The joint declaration strongly condemned the recent terrorist attack in Pahalgam, India, and member parliaments agreed to act collectively against terrorism. Shri Birla stressed the need for joint efforts to curb financial support to terrorist organizations, enhance intelligence sharing, prevent the misuse of emerging technologies, and promote cooperation in investigation and judicial processes,' the communique stated, noting that India's firm stance on countering terrorism was strongly acknowledged by the forum. The communique also stated that Birla, in his address, presented India's position on various key subjects — especially global cooperation against terrorism, a just and balanced international order, participation in technological innovation, and democratic exchange. The two-day Brics Parliamentary Forum, which ended on June 5, saw delegates deliberating pressing global challenges including the responsible use of artificial intelligence, inter-parliamentary cooperation, global trade and economy, and international peace and security. At the conclusion of the event, Birla was handed over the chairmanship over the forum's chairmanship, with India hosting the 12th Brics Parliamentary Forum next year. 'India will now play an active role in strengthening cooperation among Brics parliaments and advancing a shared approach to addressing global challenges,' the statement added. Terrorists gunned down 26 tourists at Baisaran meadow in Pahalgam on April 22, leading to a spike in tensions between two countries. India launched Operation Sindoor in the early hours of May 7 when the army and the Indian Air Force (IAF) hit nine terror camps inside Pakistan and Pakistan-occupied Kashmir, killing more than 100 terrorists. It triggered four days of strikes and counterstrikes with fighter jets, missiles, drones, long-range weapons and heavy artillery before the two sides reached an understanding on stopping all military action on May 10.
