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India-US trying to finalize trade deal before July 9, sword of tariff still hanging
Trade: India and the US are trying to finalize an interim trade agreement before July 9. Both countries are engaged in talks before the exemption from the 26 percent additional tariff imposed by the US ends. Sectors like agriculture and dairy are challenging in the trade deal.
Negotiations are going on between India and the US for an interim trade agreement, and both countries are trying to finalize this agreement before July 9. This information was given on Monday, quoting sources.
On April 2, the US had indicated 26% additional tax (tariff) on products originating from India; however, the Trump administration withheld it for 90 days. However, the 10% basic tax continues. India seeks full exemption from the 26% additional tax.
When asked if India and the US want to finalise the interim trade deal by July 9, sources said, "We are very keen. We are negotiating and trying. Both sides are trying, but the agreement will be done only when both sides are satisfied." He further said, there are some areas in every trade agreement that have problems. A source said, "For India, the agriculture and dairy sectors are the most challenging. India has not opened the dairy sector in any of its free trade agreements (FTAs) so far."
