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New Delhi: An interim trade deal between the United States and India, originally scheduled for August 25, is learnt to be in limbo as the US team’s India visit has been deferred amid tariff war. The government, however, said that the next round of negotiations for the proposed India-US bilateral trade agreement has been postponed, citing uncertainties to the much-anticipated deal and now another date will be rescheduled soon, a top source said on Sunday.
Earlier in the month of August, US President Donald Trump imposed an additional 25 per cent tariff on Indian goods with the new import tax, which will come into effect from August 27. “With the uncertainties to the much-anticipated deal, the delaying talks on a proposed trade agreement may dash hopes of relief for India. The “aggressive move” of the US is expected to raise duties on some Indian exports to as high as 50 per cent — lining up India among the highest penalised trading partners of the US,” said the source.
As the planned visit by US trade negotiators to New Delhi from August 25-29 has been called off, the US embassy, meanwhile, in New Delhi has reportedly said that it has no additional information on trade or tariff talks, adding that the matter is being handled by the United States Trade Representative (USTR), while the Union commerce ministry is silent for the further action about the move.
Earlier in August, Trump also claimed that the 25 per cent tariff on Indian goods is “punishment” for India’s continued trade ties with Russia. “India buying Russian oil is contributing to Russian President Vladimir Putin’s offensive in Ukraine,” the US President had said.
After Trump’s hike in duties, trade talks between India and the US collapsed despite five rounds of negotiations. The sticking point has been disagreement over opening India’s vast farm and dairy sectors and stopping Russian oil purchases. However, the external affairs ministry has said the country is being unfairly singled out for buying Russian oil while the US and European Union continue to purchase goods from Russia.
