Trade Deal Between US and India Expected Soon, Featuring Reduced Tariffs, Says Trump

President Trump expressed optimism about a forthcoming trade agreement with India, which will feature reduced tariffs to foster competition. He emphasized that the deal would differ from current arrangements, enabling greater market access. The two nations are currently negotiating a Bilateral Trade Agreement (BTA) with a crucial July 9 deadline for the pause on tariff escalations. Negotiations have been extended to finalize an interim trade agreement before the deadline. If no agreement is reached, 26% reciprocal tariffs will return. India’s stance on agricultural matters is firm due to the political sensitivity surrounding its small-scale farmers. The US is advocating for lower duties on agricultural goods, while India seeks improved market access for its labor-intensive exports. The long-term objective is to surpass $500 billion in bilateral trade by 2030, significantly increasing the current $191 billion.