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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
'No need for Trump tariffs, trade pact talks on'
reciprocal tariffs, India has communicated to Washington that the focus of the trade relationship should be a bilateral trade agreement (BTA) to address any concerns over import duties, said people with knowledge of the matter.
US officials who were in Delhi last week to negotiate the BTA told their Indian counterparts that the message would be conveyed to the White House as the final decision would be made there, the people told ET on condition of anonymity.
Assistant US trade representative for South and Central Asia Brendan Lynch was in India from March 26-29 to discuss the BTA.
The joint statement issued on Saturday after the talks did not mention reciprocal tariffs.
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«India has conveyed that there is no need for reciprocal tariffs as discussions have started for a BTA and these should become the base for the trade relationship,» said a person familiar with the matter, adding that no assurance was given on the issue as the White House would take the final call.
It assumes significance as Indian industry is keen to avoid tariffs and has reached out to the government to seek protection from their impact as the US is India's top trading partner.
In April-December 2024-25, India-US bilateral goods trade amounted to $95 billion.
«The Indian industry wants to avert tariffs and if the tariffs are imposed, industry wants protection from the impact,» said another official.
US President Donald Trump on Friday reiterated that India was one of the «highest tariffing nations» in the world.
On the BTA, no exchange of lists is expected anytime soon as the terms of reference are still being worked out, officials said.
Industry executives said that any tariff concession related announcement would be made after
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