The first phase of the Indo-US trade deal before July; India wants complete discount from Donald Trump’s 26% tariff on some goods: Report
India and the US may finalize the first phase of the Indo-US trade deal before July. Currently visiting the United States, Commerce and Industry Minister Piyush Goyal is discussing with American counterparts. One of India’s primary requests involves giving full relief from 26 percent of the duties imposed on specific items.While sharing on the social media platform X, Minister Goyal said yesterday, “Good discussion with Secretary Howard Lutnik to intensify the first installment of the Indo-American bilateral trade agreement.”Sources told ANI that the consultation with the trade representative of the United States has been indicated. Representatives of the two countries have addressed several aspects of trade trade, seeking preference treatment for export in labor-intensive areas including leather and textiles.Also read Big hit for Indians in America! How to step on Donald Trump’s stay, tax dispatch India can spend billions of dollarsDiscussions have also focused on matters related to service industry.A source familiar with the talks told ANI, “We want to increase our exports and to preserve what we are already exporting.” “BTA with America will be a win for both countries.”India takes a cautious stand on weak areas, especially agriculture and dairy industries.“The conversation is moving on a very positive note, and we expect to end the agreement before the sunset clause set by the US, which ends on July 8,” said one of the sources.Earlier, US President Donald Trump has said that India offered zero tariffs in ongoing conversations.The trade agreement between India and the United States will represent a significant development in economic relations between these two important economies, which has the ability to create additional opportunities for trade and investment between the two countries.In 2024–25, the United States maintained its position as India’s primary trading partner for the fourth year, with the trade figures to $ 131.84 billion. India achieved a goods trade surplus of $ 41.18 billion during this period.Also read India signed a three-step trade deal with us as a mutual tariff of Donald TrumpAt his February meeting, US President Donald Trump and Indian Prime Minister Narendra Modi committed to strengthen the two countries, promote economic innovation and increase business and investment relations to increase supply chain stability.Leaders established “Mission 500”, an ambitious initiative, which targets USD 500 billion in bilateral trade by 2030, which effectively doubles current levels. Their focus is on developing business relations that ensure equal development, protect national security interests, and create employment opportunities.Parallel to American discussions, India is actively pursuing trade talks with the European Union, with hopes of reaching an initial agreement soon.India-European Union Business Dialogue is showing significant progress, the target to finalize an early crop trade agreement with both sides this year. Representatives of the Ministry of Commerce of India are going to visit Brussels this week for the next phase of talks with the European Union.Also read Why India Donald Trump can be a big winner of the 2.0 era if he plays his card right
