Priyanka Tiwari
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Suspense crime, Digital Desk : President Donald Trump reiterated that tariff discussions with India are progressing “going great” and they could formalize the deal soon. As per a Reuters report, Trump commented that both parties seem poised for a deal quite soon at least.
Both India and the US are working on finalizing the salient features of the proposed Bilateral Trade Agreement (BTA). The Indian government mentioned that both the countries are looking for “early mutual wins” targets before what seems to be a tentative deadline of September-October.
Unspecified Trade Deal Possibly Related to India
US Commerce Secretary Howard Lutnick, speaking in a different interview, told CNBC that he had a deal with some foreign country to cancel “reciprocal” tariffs under President Trump’s agreements. He, however, did not mention any country and most reports speculate he could have been talking about India. Lutnick noted that the deal is pending visa from the foreign country’s executive and parliamentary heads.
Suspension of Tariffs Till July
The US removed additional tariffs on Indian exports on 10th of April for 90 days, which is till July 9, and this move signals New Delh and Washington are making progress in their trade negotiations.
Earlier this month, the US imposed sweeping tariffs on 60 countries on April 2. India’s exports suffered a 26% duty owing to critical items like steel and shrimp. These tariffs were aimed at curbing the trade deficit while concurrently fostering domestic industries.
US Executive Order Targets Automotive Supply Chain
Simultaneously, Trump has also signed a fresh executive order focusing on the supply chain of the US automotive sector, as reported by Reuters. This appears to be a renewed attempt to shore up US production capacity.
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