Trump not to give formal tariff notice to India, instead, will charge..., only Britain has...
New Delhi: India and America are working rapidly towards an interim trade agreement, which can bring down the proposed tariff to below 20%. This agreement will put India in a better position commercially than other countries in the region. If reports are to be believed, America will not give formal notice of tariff increase to India this week, while many other countries have unexpectedly faced tariffs of up to 50%. Trump has already sent letters regarding imposition of tariff to about 20 countries. However, there is no intention of sending any such letter to India right now as trade talks are going on between the two countries. How much tariff will be imposed on India?
Bloomberg has written quoting sources that this proposed interim agreement will give time to both the countries for further talks, which will give India an opportunity to resolve pending issues before a comprehensive agreement. The formal announcement of this agreement can be made through an official statement. According to the report, initially the US had proposed a tariff of 26% for India, but now this can be reduced to below 20%. Also, further amendments will be possible under the final agreement. However, the exact timeline of the interim agreement is not yet clear.
So far only Britain has signed a formal trade agreement with the USA. At the same time, countries like Vietnam and the Philippines have been declared tariff rates of up to 20%. What did Donald Trump say?
US President Donald Trump told NBC News on Thursday, July 10, that he is considering imposing a general tariff rate of 15% to 20% on countries that have not yet decided on any special tariff rate with the US. Currently the average tariff rate for most US trading partners is 10%.
Although India started trade talks with the US at the beginning of the year, India-US trade relations have seen some tension in recent months. There have also been indications from the Trump administration to impose additional tariffs over India's BRICS membership. The Indian negotiating team may soon visit Washington to speed up trade talks. According to the report, India has already given its final offer to the US and has clearly adopted a 'non-compromising stance' on some issues.
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