US-India trade deal in sight? Trump says deal could happen ‘soon’, hints it may resemble Indonesia agreement - All you need to know
&imwidth=600&imheight=450&format=webp&quality=medium "US-India trade deal in sight? Trump says deal could happen ‘soon’, hints it may resemble Indonesia agreement - All you need to know")
US-India trade deal in sight? Trump says deal could happen ‘soon’, hints it may resemble Indonesia agreement Photograph: (Reuters)
The US is pushing for greater access to the Indian market, particularly for American agricultural and dairy products. Trump drew a comparison to Indonesia, where he recently signed a deal allowing American firms full trade access.
US President Donald Trump has suggested that a trade agreement with India could be on the horizon, saying “another deal is coming… maybe,” according to a Reuters report. Speaking about trade negotiations, Trump said, “We have some pretty good deals to announce.”
India pushes back on any rushed deal
The comment comes as a delegation from India’s commerce ministry is in Washington, DC for another round of trade talks. However, Indian Commerce Minister Piyush Goyal has made it clear that New Delhi will not be rushed. “India does not enter into any trade agreement based on deadlines and will accept the proposed trade deal with the US only when it is fully finalised, properly concluded, and in the national interest,” Goyal told PTI earlier this month.
What does the US want from India?
The US is pushing for greater access to the Indian market, particularly for American agricultural and dairy products. Trump drew a comparison to Indonesia, where he recently signed a deal allowing American firms full trade access. “Indonesia was great. He [President Prabowo Subianto] is a great president and we made a terrific deal,” Trump said. “I think something similar will happen, I would say, with India,” he added.
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What is Trump's deal with Indonesia?
Under the new agreement, Indonesian goods would face a 19% tariff when exported to the US, while US exports to Jakarta would face no tariffs, an asymmetric arrangement favouring American companies. Indonesia initially received a tariff letter stating that the country’s goods would face a 32% tariff starting on August 1 if an agreement was not reached.
India seeks tariff relief on metals and autos
While India is keen to avoid US-imposed tariffs, officials have said they won’t compromise core interests. New Delhi is particularly seeking relief from the 26% additional tariff on various goods, as well as steep duties on steel, aluminium (50%), and automobiles (25%). India has also remained firm on its stance regarding dairy imports, refusing to offer duty concessions in that sector under any free trade agreement to date.
It is worth noting that India was not among the 14 countries, including Japan, South Korea, Bangladesh and Myanmar, that received Trump’s latest wave of letters threatening tariff action.
