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Trade discussions between India and the United States are on. Previously, a delegation from New Delhi left for Washington to carry out discussions on tariffs to be imposed on Indian goods entering America.
Trade discussions between India and the United States are on. Previously, a delegation from New Delhi left for Washington to carry out discussions on tariffs to be imposed on Indian goods entering America. According to a report by Aaj Tak, while the US is pressing India to reduce tariffs on agricultural and dairy products, New Delhi remains firm in its conditions.
India is pitching for a 10-15 per cent reciprocal tariff on the goods entering America. Amidst the discussions, a report has made a big claim regarding the numbers to be imposed on India. As per the report, cited by Aaj Tak, India is likely to avail a preferential tariff facility, which will shield it from heavy tariffs imposed on the rest of the countries. By the term 'preferential' here, the report hints at a lesser tariff imposed on India as compared to that on other countries.
According to a Business Today report, a senior official told Informist that the trade discussions are solely based on preferential treatment. A delegation, led by Special Secretary Rajesh Agarwal, is in Washington and is gearing up to give a final touch to the ongoing trade talks.
What Trump said?
US President Donald Trump on Wednesday (local time)hinted at reaching a new trade deal with India soon. While adding "maybe", he said that currently the US is in negotiations with India. Trump, while speaking to reporters during a bilateral meeting with Bahrain's Crown Prince Salman bin Hamad bin Isa Al Khalifa, emphasised that August 1 will be a significant day, when a lot of money will come into his country.
"...We've brought in over USD 100 billion. The tariffs haven't kicked in significantly, except for automobiles and steel. August 1st is when a very substantial money comes into our country. We've made deals with numerous places. We had one yesterday," Trump said.
"We have another one (deal) coming up, maybe with India... We're in negotiation. When I send out a letter, that's a deal... The best deal we can make is to send out a letter, and the letter says that you'll pay 30%, 35%, 25%, 20%... We have some pretty good deals to announce... We're very close to a deal with India where they open it up," Trump added.
With inputs from ANI
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