The industry may get a holiday gift: relief from the 50% tariffs on Indian imports that President Trump imposed in August.
India’s commerce secretary Rajesh Agarwal told a New Delhi business conference last week that he believes India will sign some kind of agreement with the United States this month.
A “framework” deal to address the tariffs is “close,” Agarwal said at the annual meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).
“We are very optimistic and very hopeful that we should find a solution within this calendar year,” he said. “It is only a matter of time when this decision has to be taken.”
But he cautioned that trade talks remain “unpredictable.”
“Even if there is one sticking point or one sticking issue which is in the mind of even one of the partners, the trade deal may [be delayed],” said Agarwal.
Earlier reports suggested a U.S.-India deal would lower the duty from 50% to 15%.
At the FICCI meeting, Agarwal said he hopes for a comprehensive bilateral trade pact that would eliminate all the so-called “reciprocal” tariffs imposed by Trump.
(Photo: Getty Images)
- Subscribe to the JCK News Daily
- Subscribe to the JCK Special Report
- Follow JCK on Instagram: @jckmagazine
- Follow JCK on X: @jckmagazine
- Follow JCK on Facebook: @jckmagazine
