Holding talks for expeditious sealing of mutually beneficial trade deal with US: MEA

New Delhi, Apr 9 (PTI) As the Trump administration's 26 per cent customised reciprocal tariff on Indian imports kicked in, India on Wednesday said it is holding negotiations with the US to expeditiously conclude a mutually beneficial bilateral trade agreement (BTA).

The remarks by external affairs ministry spokesperson Randhir Jaiswal came hours after US's sweeping tariffs against around 50 countries including India came into force triggering massive trade disruptions and fears of a global economic recession.

"India and the United States are very strong partners when it comes to trade relations, economic relations, investment relations, commercial relations, and we hope that these relations will continue to foster and deepen," Jaiswal said.

"As far as trade issues are concerned, we are in negotiations for a bilateral trade agreement and hopefully we will be able to address these issues and conclude this particular agreement expeditiously," he said.

Jaiswal said India values its comprehensive global strategic partnership with the US, and it is committed to working closely with Washington.

Following talks between Prime Minister Narendra Modi and US President Donald Trump in Washington DC in February, the two sides announced that they would negotiate the first tranche of the BTA by the fall of 2025.

"So we are hopeful. Both teams are in discussion and hopefully we can close it," Jaiswal said.

On the impact of the reciprocal tariffs on India, Jaiswal said the government remains engaged with all stakeholders and is assessing the situation by taking into account feedback from stakeholders including exporters and industry representatives.

In line with his "America First" policy, Trump announced reciprocal tariffs on April 2 on its partners and other nations that impose higher levies on imports from the US.

The US president's tariff tussle has resulted in a global trade war with many countries already announcing counter-measures to deal with it.

China on Wednesday hit back at Trump's tariffs on Chinese exports with 84 per cent levies on its imports from America, intensifying the trade war between the top two economies of the world.

The hike in levies, up from 34 per cent, came hours after Trump's explosive new tariffs on 60 countries, including 104 per cent on China, came into effect after midnight Wednesday US time.

European Union member states voted Wednesday to approve retaliatory tariffs on USD 23 billion in goods in response to Trump's 25 per cent tariffs on imported steel and aluminum. PTI MPB KVK KVK

Source: PTI