Amid tariff dispute, US team to begin 4-day visit to India!
After india indicated tariff cuts on US products under the Bilateral Trade Agreement, a high-level US delegation is going to visit from Tuesday. It also includes Assistant US Trade Representative for South and Central Asia, Brendan Lanche.
This visit of the US delegation is going to take place at a time when President trump has announced the imposition of reciprocal tariffs from april 2. There is a fear that this may affect agricultural products, meat, processed food items, automobiles, diamonds, gold products as well as chemicals and pharma products exported from India. The difference in tariffs on these can be from 8 to 33 percent.
However, on the other hand, economic think tank GTRI (Global Trade Research Initiative) has warned about this. GTRI on tuesday said india should be cautious while negotiating a proposed bilateral trade agreement with the US, as the absence of fast track trade authority in the US makes any agreement vulnerable to changes made by Congress.
GTRI further said that the certification process allows the US to effectively renegotiate a trade agreement after it is signed. This demands domestic legal changes, regulatory reforms and policy changes. This can undermine India's sovereignty. ajay Srivastava, founder of the Global Trade Research Initiative (GTRI), says, "As negotiations continue, there is a need for not only diplomatic skills but also vigilance towards the legal asymmetries inherent in US trade policy."
