The US and India are nearing a deal to lower tariffs on American imports to the South Asian country and to help India avoid levies imposed by the Trump administration rising sharply next week, Treasury Secretary Scott Bessent said yesterday.
“We are very close with India,” Bessent told Fox News in response to a question about progress on trade negotiations.
Indian officials extended a visit to Washington last week to try to reach agreement on a trade deal with President Donald Trump’s administration and address lingering concerns on both sides, Indian government sources said.
India is one of more than a dozen countries actively negotiating with the Trump administration to try to avoid a steep spike in tariff rates on July 9, when a 90-day tariff pause ends. India could see its new “reciprocal” tariff rate rise to 27 per cent from the current 10pc.
The US-India talks have hit roadblocks over disagreements on import duties for car components, steel, and farm goods, ahead of Trump’s deadline to impose reciprocal tariffs.
“We are in the middle – hopefully more than the middle – of a very intricate trade negotiation,” Indian Foreign Minister Subrahmanyam Jaishankar told an event in New York on Monday.
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