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Will a bilateral trade deal between India and the US help against reciprocal tariffs?

Business Today

Business Today · 5m ago

Will a bilateral trade deal between India and the US help against reciprocal tariffs?

A potential bilateral trade deal between India and the US is anticipated to mitigate reciprocal tariffs, with Indian exporters hopeful for its success. The Confederation of Indian Textile Industry has proposed a zero-tariff agreement for textiles and apparel. India's commerce ministry is consulting various stakeholders to identify sectors and products where lower tariffs could be offered to the US, potentially easing trade tensions and fostering economic collaboration between the two nations.

Related News

Commerce minister to meet export promotion councils on March 13

Business Today

Business Today · 5m ago

Commerce minister to meet export promotion councils on March 13

Commerce and Industry Minister Piyush Goyal will meet export promotion councils on March 13 to discuss trade issues, including recent US trade and tariff announcements. This meeting is part of regular interactions with the export councils. The discussions may cover reciprocal tariffs by the US and a proposed bilateral trade agreement. Efforts are ongoing to negotiate tariff reductions, with US President Trump planning to impose reciprocal tariffs from April 2. India aims to double bilateral trade to $500 billion by 2030.

India-US trade talks extended as July deadline nears

Business Today

Business Today · 2m ago

India-US trade talks extended as July deadline nears

India and the US are in extended trade talks to finalize a limited agreement before July 9, hoping to avoid the reimposition of 26% reciprocal tariffs on Indian exports. This is part of a phased effort to improve bilateral trade relations, focusing on preventing tariffs that could impact the economic ties between the two countries. The discussions aim to resolve outstanding trade issues and enhance cooperation, with both sides working against the impending deadline.

No new tariffs after Bilateral Trade Agreement: India wants US assurance

Economic Times

Economic Times · 2m ago

No new tariffs after Bilateral Trade Agreement: India wants US assurance

India seeks assurance from the US that no new tariffs will be imposed post-finalization of a bilateral trade agreement. Both countries are finalizing the deal, with India pushing for concessions in sectors like leather and textiles. India emphasizes a strong mechanism to safeguard against future tariff changes, requiring the US to ensure trade stability. An early harvest deal is anticipated before the July 9 deadline amidst high-level negotiations and concerns over past US trade commitments.

Govt in wait-and-watch mode on US tariff fallout

Economic Times

Economic Times · 1m ago

Govt in wait-and-watch mode on US tariff fallout

India is monitoring potential tariff impacts from US reciprocal tariffs, staying in a wait-and-watch mode. Contingency plans will be formed after understanding these tariffs' full effects. Meanwhile, Indian negotiators in Washington engage in the fifth round of negotiations on a bilateral trade agreement, aiming to finalize the first part by September. Officials emphasize the need for a clear picture of the tariff landscape before strategizing.

New tie-ups in AI, chips, biotech can soften US tariff blow

Economic Times

Economic Times · 6m ago

New tie-ups in AI, chips, biotech can soften US tariff blow

India's technology outsourcing sector, generating over 70% of its $254-billion revenue from North America, aims to offset US reciprocal tariffs by collaborating in AI, semiconductors, and biotech. With a services deficit under $6.5 billion, trade talks will focus on goods, potentially increasing oil and gas imports. The industry foresees growth opportunities from US-India tech partnerships, aided by Nasscom and the 'Mission 500' initiative, targeting $500 billion bilateral trade by 2030, enhancing AI infrastructure cooperation.

US to demand full market access for Amazon, Walmart's Flipkart in trade talks with India: FT report

Economic Times

Economic Times · 4m ago

US to demand full market access for Amazon, Walmart's Flipkart in trade talks with India: FT report

The United States is seeking full market access for Amazon and Walmart in India's ecommerce sector as part of bilateral trade negotiations. The discussions, linked to reciprocal tariffs, aim to ensure a level playing field for US ecommerce entities. Currently, India's policies permit foreign companies to operate only as marketplaces. The talks unfold amid a $125 billion market competition, US-India agreement outlines, and a significant trade deficit, with US efforts to bridge their trade gap.

Donald Trump's US tariffs may impact India’s GDP by 0.1-0.6%: Goldman Sachs

Business Today

Business Today · 6m ago

Donald Trump's US tariffs may impact India’s GDP by 0.1-0.6%: Goldman Sachs

Goldman Sachs suggests India's GDP could decrease by 0.1 to 0.6 percentage points if the US, under President Trump's administration, raises tariffs on all US imports to align with the tariff differential between India and the US. President Trump emphasized a new trade policy prioritizing fairness and reciprocity, indicating the US would implement reciprocal tariffs to mirror the tariffs other countries impose on American goods, potentially impacting global trade dynamics.

US trade talks at crucial stage; India sticks to agriculture, dairy stand

Economic Times

Economic Times · 1m ago

US trade talks at crucial stage; India sticks to agriculture, dairy stand

Trade talks between India and the US are at a critical stage, with India firm on its agricultural, dairy, and GM crop market access positions. The US is pushing for GM crops and cattle feed sales to India, a contentious point for India with its small-scale sustenance farming model. Negotiators aim to secure a deal before reciprocal US tariffs of 26% become effective. Talks may result in a phased agreement, reflecting ongoing negotiations.

Piyush Goyal likely to meet exporters on April 9 when reciprocal tariffs take effect

Business Today

Business Today · 4m ago

Piyush Goyal likely to meet exporters on April 9 when reciprocal tariffs take effect

Commerce and Industry Minister Piyush Goyal plans to meet exporters on April 9 to address reciprocal tariffs, notably the 26% US tariff on Indian goods. The meeting will explore strategies to mitigate tariff impacts, aiming to negotiate a bilateral trade agreement with the US and fast-track deals with other countries. Exporters seek government support through reinstating export incentive schemes. This follows Goyal's discussions with export councils on US trade issues in March.

US tariffs will bring major realignment in global trade: India Inc

YourStory

YourStory · 4m ago

US tariffs will bring major realignment in global trade: India Inc

US President Donald Trump's announcement of 27% reciprocal tariffs on India is expected to cause a significant shift in global trade and manufacturing value chains. Indian industry groups anticipate a marginal impact on the country's resilient economy. ASSOCHAM emphasizes the need to assess the real impact, while advocating for increased export efficiency. PHDCCI predicts only a slight short-term GDP effect, with medium-term recovery expected. Future collaboration with the US through a bilateral trade agreement is anticipated.

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