Union Commerce Minister Piyush Goyal told reporters that trade talks between India and the United States have been conducted in a friendly and positive way, although Washington continues to impose high tariffs on India imports. In a reply to a question on the high tariff structure used by US President Donald Trump, Goyal refused to provide a time frame for the deal but guaranteed that the negotiations were on the right track.
I have repeatedly said that trade deals are never time-based. Except when the interests of farmers, fishermen and the MSME sector of India will be completely safeguarded, then we will only proceed, Goyal said in a press conference.
The administration of Trump has also levied a 50% tariff on Indian imports of the highest in the world, with a 25% base tariff on its grounds of trade imbalance and another 25 percent tariff on its grounds of buying Russian oil.
The talks are within a larger political realignment of geopolitics. The US is eager to diversify supply chains after Trump threatened to impose 100% tariffs on China. Global Trade Research Initiative (GTRI) views it as Washington could come up with 16-18% rather than the 15% and Vietnam at 20% access to tariffs.
The Indian delegation is presently in the US to hold the sixth round of discussions, which started in April. According to experts, the US is likely to push more into getting access to the market in the medical devices, dairy and technology services. In the meantime, India has drawn a strong red line on agriculture, e-commerce, and intellectual property.
The changing international politics, particularly along the rare earth supply chains, with China leading, has put a pressing burden on the negotiations. Washington is hoping that India will make a critical partner in the diversification of its manufacturing base, which could fast-track the trade agreement. Nevertheless, analysts advise India to ensure that it maintains its strategic autonomy during the final agreement negotiation.
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