Two days to go: No clarity over US tariffs, trade pact talks on
"We are engaged in talks but only the US knows what the tariffs will be," an official told ET. "Their team is coming here on August 25 for the next round of talks."
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US President Donald Trump on Monday said most trading partners that have not negotiated separate trade deals would soon face tariffs of 15-20% on their exports to the US, well above the baseline 10% tariff he imposed in April.
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"I would say it'll be somewhere in the 15-20% range," he said. "Probably one of those two numbers."
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Trump said his administration will notify some 200 countries soon of their new "world tariff" rate.
On April 2, Trump had announced high reciprocal tariffs on most countries. Their implementation was suspended for 90 days till July 9, and later until August 1.
As part of its trade deal talks with Washington, New Delhi has not yielded its position on the US demand for duty concessions on agricultural and dairy products, officials said.
US trade secretary Howard Lutnick Tuesday said in an interview to American media: "We have put the deals on the table and now it is up to president Trump whether he wants to accept (them) or not". US trade representative Jamieson Greer said Monday more talks were required for any kind of a deal with India.
India has, so far, not given any duty concessions in the dairy sector to any of its trading partners in a free trade agreement (FTA).
India and the US concluded the fifth round of talks for a bilateral trade agreement (BTA) in Washington last week. They aim to conclude talks for the first tranche of the deal by October-November this year.
The US move to raise baseline tariffs to 20% from 10% means that countries with a trade deal with the US could face tariffs in the 10-20% range while those that do not have a trade pact may be hit with even higher rates, experts said.
"Trump's claim that the global baseline tariff will soon be 15-20% is misleading," a Delhi-based expert on trade issues said on condition of anonymity. "The reality is that over half the global trade still operates at zero or low Most Favoured Nation tariffs. This effectively weaponises tariffs as a permanent fixture of US trade policy-no longer as a negotiating tool, but as a default position."
As per the World Trade Organisation (WTO), the measures announced by the US could lead to an overall contraction of around 1% in global merchandise trade volumes this year. Despite these new measures, the vast majority of global trade still flows under the
WTO
's MFN terms, but its share currently stands at 74%, down from around 80% at the beginning of the year.
"With August 1 deadline for finalising new deals nearing, the White House may aim to secure one more big pact-this time with India," think tank GTRI said in its report.
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