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NDTV
12 hours ago
- Business
- NDTV
India, US Push To Close Interim Tariff Deal As Trump's Deadline Nears
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 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 U.S. 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 U.S. 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%, matching the U.S. 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%, with some duties reaching 45-50%. It is also pushing India to allow corn imports for ethanol production. Bilateral trade with the U.S., India's largest trading partner, rose to $129 billion in 2024, with India posting a $45.7 billion surplus. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Business Standard
14 hours ago
- Business
- Business Standard
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.
Deccan Herald
14 hours ago
- Business
- Deccan Herald
India, US push to finalise interim tariff deal as Trump's deadline nears
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.
Business Recorder
14 hours ago
- Business
- Business Recorder
India, US push to finalise interim tariff deal as Trump's deadline nears
NEW DELHI: Indian and U.S. 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 U.S. 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. US-India nearing trade deal 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. U.S. Commerce Secretary Howard Lutnick said in Washington on Monday that trade negotiations were progressing and a deal could be finalised soon. India and the U.S. 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 U.S. 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%, matching the U.S. base rate, and near-zero duties with quotas in exchange for market access and supply chain linkages,' a third official said. Trump says US is ready to help Pakistan, India with trade Washington has flagged India's average farm tariff of 39%, with some duties reaching 45-50%. It is also pushing India to allow corn imports for ethanol production. Bilateral trade with the U.S., India's largest trading partner, rose to $129 billion in 2024, with India posting a $45.7 billion surplus.
Time of India
15 hours ago
- Business
- Time of India
India, US push to finalise interim tariff deal as Trump's deadline nears
Indian and U.S. 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 U.S. 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar 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. Live Events 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. U.S. Commerce Secretary Howard Lutnick said in Washington on Monday that trade negotiations were progressing and a deal could be finalised soon. India and the U.S. 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 U.S. 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%, matching the U.S. 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%, with some duties reaching 45-50%. It is also pushing India to allow corn imports for ethanol production. Bilateral trade with the U.S., India's largest trading partner, rose to $129 billion in 2024, with India posting a $45.7 billion surplus.
