After months of proactive negotiations with the US regarding a bilateral trade deal, India appears to be no longer in hurry. India is one of the first countries to initiate trade talks with the US even before President Donald Trump announced his "Liberation Day" levies on April 2.
A government official told the Business Standard newspaper that India is not desperate to conclude an early-tranche trade deal with the US by the July 9 deadline. Trump's 90-day pause on so-called reciprocal tariffs is supposed to end on July 9, which is still not clear whether it will get extended or not.
“It is difficult to say whether a deal will be signed by April 9 or not. It takes two to tango. I don’t think any country will be desperate to have a trade deal. We would like to have a good, win-win and positive trade deal with the US. Both sides will like to have a balanced deal,” the newspaper quoted the official.
Commenting on what will come after the deadline, the officials said he doesn’t know how different it would be from the April 2 reciprocal tariff announcement.
Reuters reported that India is resisting US demands to open its markets for wheat, dairy and corn imports, while offering lower tariffs on high-value US products such as almonds, pistachios and walnuts. India has asked the US to revoke its 10% base tariff and consider steel tariff cuts as part of an interim deal, while offering to address non-tariff barriers and customs rules in the first phase of a broader trade pact likely by autumn of 2025.
Reportedly, an India delegation team is soon expected to meet Trump administration in Washington. However, a date for the same is yet to be finalised.
Both sides concluded a round of negotiations in New Delhi earlier this month. Reports said the first tranche negotiations which need to be concluded by fall this year are ongoing.
