‘More negotiations needed…’: Trump administration official shares update on India-US trade deal; no agreement before August 1 deadline?

India-US trade deal: Since India didn’t obtain any tariff letter from Trump, it’s but unclear whether or not the 26% tariff fee introduced for India on April 2 will kick in from August 1 or not. (AI picture)

India-US trade deal: In a sign {that a} trade deal between India and the US was much less seemingly forward of Donald Trump’s August 1 tariff deadline, an American high official has mentioned that extra negotiations are required.According to a Bloomberg report, US Trade Representative Jamieson Greer has mentioned that “more negotiations” are required between the 2 international locations whilst talks proceed. Greer’s assertion comes days forward of US President Donald Trump’s August 1 tariff deadline, put up which international locations face increased tariffs. Since India didn’t obtain any tariff letter from Trump, it’s but unclear whether or not the 26% tariff fee introduced for India on April 2 will kick in from August 1 or not.Trump has moreover warned of implementing “secondary tariffs” on international locations comparable to India and China for his or her Russian oil purchases.Also Read | India-US trade deal: India treads cautiously after Trump’s trade agreements with Japan, others face challenges – right here’s what’s taking placeAlthough India was one of many preliminary international locations to provoke trade discussions with the White House this 12 months, it has hardened its stance particularly on agriculture and dairy sectors.In a CNBC interview on Monday, Greer spoke of the necessity for additional discussions to seal a trade deal. Despite his earlier hints at an imminent agreement with New Delhi, he emphasised that India’s conventional stance of market safety meant that any discount in trade boundaries would signify a big coverage shift.

India-US Trade Deal: Talks Continue

“We continue to speak with our Indian counterparts, we’ve always had very constructive discussions with them,” Greer mentioned.“They have expressed strong interest in opening portions of their market, we of course are willing to continue talking to them,” Greer mentioned. “But I think we need some more negotiations on that with our Indian friends to see how ambitious they want to be,” he said according to the Bloomberg report.Commerce Minister Piyush Goyal recently expressed optimism about reaching an agreement to prevent the proposed 26% tariffs. Goyal maintained that the US-India relationship was free from contentious issues, noting that discussions had not included immigration policies, including H-1B visa regulations for skilled workers.Also Read | Donald Trump tariffs: Will the August 1 deadline by extended by US President? What Commerce Secretary Lutnick saidGoyal has said that trade deal talks are progressing at a ‘fast pace’ even as he stressed that for any trade agreement India would keep its national interest in mind. He also said that trade deals cannot be worked out on the basis of deadlines.India has shown readiness to eliminate tariffs on specific products including auto parts and pharmaceutical items during trade discussions. However, the country maintains firm restrictions on agricultural and dairy sectors, which it considers non-negotiable in the final agreement.“The factor to know with India is their trade coverage for a really very long time has been premised on strongly defending their home market. That’s simply how they do enterprise” Greer mentioned.“And the president is in a mode of wanting offers that considerably open different markets, that they open the whole lot or close to the whole lot.”