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US team in India for trade talks, govt scans Trump's tariff concessions to other countries
As a US delegation arrives in New Delhi to negotiate a bilateral trade deal, India is observing the concessions Washington made to other nations, to make the best out of the deal negotiations. read more
As a team from the United States arrives in India to negotiate a bilateral trade agreement , reports are emerging that New Delhi is observing the concessions Washington made or plans to make to other nations. According to a report by The Times of India, the Indian government is also monitoring the legal disputes that are surrounding the tariffs imposed by US President Donald Trump.
During the trade talks, the delegations from both nations would try to ensure that their nations get better market access as the American leader upped the ante in terms of global trading. It is pertinent to note that the Trump administration is seeking to implement a 10 per cent baseline tariff and the suspended reciprocal tariffs ( which were 26 per cent in India's case).
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After the announcement of the tariffs, the Trump administration used them as a tool to negotiate trade deals with several nations around the world. Earlier this year, the UK and the US signed a bilateral trade agreement to avoid tariffs. According to TOI, Indian government officials are keen to ensure that they manage to extract the best deal for Indian companies.
What is India looking for?
'What we get compared to other countries…that we will ultimately finalise in the deal,' a government official told TOI. The official made it clear that India is conscious of its strategic ties with the US and is also looking to step up imports of shale gas, LNG, and crude oil from America to diversify its import basket, as prices of these items are lower in the US.
New Delhi believes that these explorations would help bridge the trade gap of over $40 billion in India's favour, a major grudge Trump had before he introduced the tariffs. How the Trump administration reacts to India's plan would determine the government's future course of action on retaliating against some of the tariff hikes introduced by Trump.
'Exports are increasing… There are several things we can buy from the US… For example, shale gas, LNG, and crude oil. The more diversified our sources, the greater the benefit for us. Prices are also low in the US,' the official, who asked to remain anonymous, told TOI. Overall, the outcome of the upcoming meeting with the American team would determine India's next move.
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