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TMI BlogPremature to talk about negotiations on Indo-US trade deal: Govt sources after Trump's claim of India agreeing to cut tariffX X X X Extracts X X X X X X X X Extracts X X X X ..... Premature to talk about negotiations on Indo-US trade deal: Govt sources after Trump's claim of India agreeing to cut tariff X X X X Extracts X X X X X X X X Extracts X X X X ..... agreed to cut tariffs "way down". It is natural for both the countries to have their interests and sensitivities and these are legitimate matters for a discussion, the sources said. Last month, India and the US announced that they would negotiate a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) following talks between Prime Minister Narendra Modi and Trump in Washington DC. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommerce Minister Piyush Goyal was in the US this week to hold talks on the trade deal with his American counterpart as well as the US Trade Representative and their teams. Trump's announcement on Friday that India agreed to bring tariffs "way down" was largely viewed by New Delhi as premature. "India charges us massive tariffs, you can't even sell anything in India, it's almost restrictive...By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the way, they have agreed to cut their tariffs way down now because somebody is finally exposing them for what they have done," the US president told reporters in the White House. In line with his "America First" policy, Trump this week announced reciprocal tariffs from April 2 on its partners and other nations that impose higher levies on imports from the US. The US president's tariff tussle ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s stoked fears of a global trade war with many countries already announcing counter-measures to deal with it. The Indian government sources said discussions on tariffs and other aspects of bilateral trade that were highlighted during Modi's visit to Washington DC last month are an ongoing process. Obviously, there are specifics which have been mentioned on various issues as part of the negotiati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on, the sources said in what is being seen as New Delhi's tacit response to the US president's claim. "Since the discussions have just begun, it would be premature to talk about its details. There is also a context for each dimension, that would reflect the interests of both sides," said a source. The sources also pointed out how discussions had taken place between India and the US for a limited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trade deal during the first Trump administration. For various reasons, it did not produce an outcome, they said. India has reduced its average applied tariffs significantly for key developed countries like Australia, the United Arab Emirates, Switzerland and Norway under recently concluded mutually beneficial bilateral trade agreements. Similar negotiations are currently underway with the Euro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pean Union and the UK, among other partners. The ongoing discussions with the US should be seen in this context, the sources said. Since assuming office on January 20, Trump on multiple occasions criticised India for higher tariffs and even described the country as a "tariff king" and "tariff abuser". In its Union budget for 2025-26, India announced its decision to lower tariffs on Bourbon whis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... key, wines, and Electronic Vehicle (EV) segments.
The decisions were seen as an attempt to send a signal to the Trump administration that New Delhi is open to bringing down tariffs in specific sectors.
Washington is also pushing New Delhi to buy more American oil, gas and military platforms to bring down the trade deficit that stands at around USD 45 billion in India's favour. PTI MPB ZMN X X X X Extracts X X X X X X X X Extracts X X X X ..... ws - Press release - PIB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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