Since India has set its red lines on key questions in the sector, such as agriculture and dairy products for the proposed temporary trade agreement with the US, the ball is now in the Washington court to complete the agreement, the sources said.
They said that if the problems are resolved, the provisional trade contract may be announced before 9 July, which means the end of the 90 -day suspended period of Trump tariffs announced on April 2 to dozens of countries, including India.
“India has drew her red lines … now is the ball at the American court,” says PTI report.
India-USA bilateral trade agreement
Both countries announced in February that this year will start negotiations on the bilateral trade agreement (BTA). Before that, India and the US have been locked to complete a temporary trade.
April 2, the US deposited another 26 % reciprocal tariff on Indian goods, but suspended it for 90 days. However, 10 % of the basic tariff stored by America remains in place. India is looking for a full exception of this 26 % tariff.
“If the proposed business interviews fail, 26 % of the tariffs will come into force again,” one of the sources said.
Trade Minister Piyush Goyal said last week that India does not record any trade agreement on the basis of deadlines and the proposed business agreement with the US will only accept when fully completed, properly concluded and in the national interest.
Free trade agreements (FTA) are only possible if both parties are beneficial and it should be a mutually advantageous agreement, he said.
“National interest should always be the highest. Given if an agreement is concluded, India is always ready to deal with developed countries,” said Goyal 4 July.
India-USA Provisional Trade Agreement
The Indian team returned from Washington last week after talking to the US on a temporary trade. There are also differences on steel, aluminum (50 %) and car (25 %) of tariffs.
India has hardened its position in the area of providing concessions for agriculture on agriculture and dairy products because both are sensitive objects. India has never opened the milk sector in any of the previous signed trading pacts.
US President Donald Trump said last week that his administration was sending letters to the first dose of 10-12 countries, sharing details of rates and the whole process could be completed by July 9.
Also read | India-USA business agreement early? Scott Bessnt suggests “Big Notifications”Also read | Industry prepared for the outcome of business interviews in India-USA, says CII chief
As a result of the growing tension in India, his comments came about whether the new Delhi and Washington could strengthen the highly anticipated trade agreement before the end of the US President’s tariff. But he was not named Earth.
The President said that mutual tariffs would enter into force from 1 August.
While the US is looking at concessions on duties in sectors such as certain industrial goods, cars (especially electric vehicles), wines, petrochemical products, dairy products and agricultural objects such as apples, nuts and hay; India can look at cuts for industry -intensive industries such as clothing, textiles, gems and jewelry, leather, plastics, chemicals, oil seeds, shrimp and gardening products.
American tariffs on a hill 1. August soon trade agreements
American tariffs will start on August 1, if business partners from Tai -Wan do not interfere with the European Union agreement with Washington, the Secretary of the Treasury Scott Bessnt said on Sunday.
The rates “Boomerang back” back to the sometimes very high levels announced by President Trump on April 2 – before he suspended fees to allow business conversations and set the deadline of July 9, Bessent CNN said.
According to the AFP report, Bessnt confirmed Trump’s comments on board Air Force One on Friday, in which he also quoted a new term: “Well, I’m likely to start 1 August. Well, that’s pretty soon. Well, right?”
The tariffs were part of a wider announcement in April, where Trump deposited 10 % duty on goods of almost all business partners, with a plan to raise these rates for the selected group within a few days. Until July 9, however, he quickly stopped hikes, which allowed business conversations.
The country tried to strike agreements that would help them avoid these increased duties.
So far, Trump’s administration has revealed agreements with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily reduce tremendously high fees on others’ products.
Bessnt said the administration is “almost a few shops”.
“I would expect to see a few big announcements in the next few days,” he said.
But he wouldn’t say which country he was talking about and added, “I don’t want to let them out of the hook.”
(With the entry from agencies)
(Tagstotranslate) Provisional trade agreement
