Washington DCA few moments ago
- Copy link
US President Donald Trump said on Tuesday that there will be a trade agreement between India and the US soon. In which the tariffs will be very low. Trump described it as good for better competition in the markets of both countries.
They said,
I think we are going to have a deal with India. And this will be a different kind of deal. A deal in which we can enter the Indian market and compete. Right now India does not allow anyone to enter. But I think India will do this now. And if this happens, we will be able to deal with low tariffs.
At this time, talks between India and the US about the bilateral Trade Agreement – BTA have been in talks in Washington for the last 6 days.
Its purpose is to make an interim agreement before the important deadline of July 9.
White House has said that Trump himself will announce the trade deal. (Photo symbolic)
India will have 26% tariff due to lack of trade deal
If there is no agreement between India and the US till July 9, then India may levy 26% tariffs. This is the date when Trump’s suspended tariffs will be applied again.
On April 2, Trump announced to increase tariffs on around 100 countries around the world. It imposed 26% tariff on India. Then on 9 April, the Trump administration postponed it for 90 days.
Trump has given this time to countries like India to take decisions on the deal. News agency ANI quoted a senior officer as saying that if the conversation fails, the tariff structure of 26% will be applied again with immediate effect.
The US is demanding a concession in agriculture and dairy. However, India has tightened the stance. India believes that if GM gives more discounts in crops, agriculture and dairy products, medical devices and data localization, food security can be affected.
According to the ANI report, the delegation led by India’s chief negotiator Rajesh Aggarwal has increased its presence in Washington.
Target to $ 500 billion by 2023
People associated with the Indo-US deal said-In a conversation held weeks ago, there was a focus on more market access, tariff cuts and non-tariff barriers mainly for industry and agricultural products in India and America.
US delegation was led by officers of the US Trade Representative Office. While the team of Indian Ministry of Trade was commanding Secretary Rajesh Aggarwal.
The agreement aims to increase the annual bilateral trade between the two countries from the current $ 190 billion (about 16 lakh crore) to $ 500 billion (about 43 lakh crore) by 2030.
,
Also read this news related to Indo-US trade deal ….
Indo-US trade deal obstruction: India denied concession in dairy sector, said- these sources of income of small farmers
India and America are expected to have a trade deal before July 9. However, the deal has weakened on Tuesday (July 1) before the consent on the interim trade agreement between the two countries. Read full news here ….