According to government sources, india might be exempt from the planned US tariffs and not placed in the same category as nations like China, Mexico, and Canada. There is no indication that the two countries' trade talks would come to a standstill before the US reciprocal tariff deadline of april 2.
According to the sources, officials are considering a "tailored, sector-wise" strategy that would result in the introduction of new trade restrictions gradually. High-demand goods with significant trade volumes might experience a modest tariff hike as part of the agreement. As a result, tariffs on indian goods to the US will have less of an effect.
Lower tariffs on a few important industries that export more to the US are also being pushed for by indian trade officials.
Negotiators are attempting to finalize the terms of a new agreement within the next three days, according to sources.
The talks are still going well, but according to reports, US officials are pressuring india to make additional concessions.
According to the sources, officials are considering a "tailored, sector-wise" strategy that would result in the introduction of new trade restrictions gradually. High-demand goods with significant trade volumes might experience a modest tariff hike as part of the agreement. As a result, tariffs on indian goods to the US will have less of an effect.
Lower tariffs on a few important industries that export more to the US are also being pushed for by indian trade officials.
Negotiators are attempting to finalize the terms of a new agreement within the next three days, according to sources.
The talks are still going well, but according to reports, US officials are pressuring india to make additional concessions.
It should be mentioned that in light of global trade redata-alignments, the US has been reevaluating its tariff policy. A recognition of India's unique trading relationship with the US is indicated by the possibility that it may not receive the same tariff treatment as China, Mexico, and Canada.
For indian exporters worried about significant tariff increases, this may provide some respite.
As part of the current trade deal negotiations with the US, the government is reportedly willing to lower duties on almost half of US imports valued at $23 billion, according to a report published a day ago. The goal of the action is to protect indian companies from the negative effects of reciprocal tariffs, which might seriously harm exports.
For indian exporters worried about significant tariff increases, this may provide some respite.
As part of the current trade deal negotiations with the US, the government is reportedly willing to lower duties on almost half of US imports valued at $23 billion, according to a report published a day ago. The goal of the action is to protect indian companies from the negative effects of reciprocal tariffs, which might seriously harm exports.
India has carried out an internal research that showed that new US tariffs may affect 87% of indian exports to the US, valued at about $66 billion, according to government sources cited in the Reuters story.
India is apparently willing to reduce tariffs on 55% of US imports, which are currently subject to taxes ranging from 5% to 30%, in order to mitigate this effect. Some tariffs might be eliminated entirely, while others might be drastically reduced. All of the suggestions are still being discussed, though.
India is apparently willing to reduce tariffs on 55% of US imports, which are currently subject to taxes ranging from 5% to 30%, in order to mitigate this effect. Some tariffs might be eliminated entirely, while others might be drastically reduced. All of the suggestions are still being discussed, though.
Notably, the trade discussions began tuesday in india with a US group led by Assistant U.S. Trade Representative for South and Central Asia Brendan Lynch. The goal is to complete the transaction prior to the US reciprocal tariffs taking effect on april 2.