India Eyes Strong Trade Deal with US Despite Tariff Challenges

New Delhi: India remains committed to securing a mutually beneficial trade agreement with the United States, according to a statement by the country’s trade secretary, as reported by Reuters. This comes after both nations finalized the terms of reference for the initial phase of a bilateral trade pact.

The first phase of discussions, agreed upon in February, is expected to conclude by the end of the year. This move aligns with the broader goal of enhancing bilateral trade between India and the US to $500 billion by 2030.

Also read: China Imposes 34% Additional Tariffs On US Goods

An Indian trade official highlighted that negotiations were progressing well, with efforts focused on reducing both tariff and non-tariff barriers to streamline trade flows between the two countries.

Despite the urgency from global pressures, India emphasized that it would not compromise on national interest. “We never negotiate at gunpoint. While favorable timelines encourage swift talks, we won’t proceed unless our country and people’s interests are protected,” said Union Commerce Minister Piyush Goyal.

Also read: China Turns to India for Support as U.S. Trade War Intensifies Under Trump

Meanwhile, former US President Donald Trump has announced a 90-day suspension on most tariff hikes for key partners such as India. At the same time, tariffs on Chinese imports have been sharply increased to 145%.