US and India Nearing Trade Deal, Trump Says, with Reduced Tariffs

Donald Trump has signaled that the United States and India are nearing a trade agreement, which is expected to include significantly lower tariffs. He highlighted that the deal would promote a more competitive environment. Negotiations are underway for a Bilateral Trade Agreement (BTA), with a critical deadline of July 9 for avoiding tariff escalations. The negotiations are extended to reach an interim trade agreement. The potential failure to reach a deal would result in the reimposition of 26% tariffs. India is taking a strong stand on agricultural issues due to the prevalence of small-scale farmers, making agricultural concessions complex. The US wants lower tariffs on agricultural goods, and India seeks better access for its labor-intensive exports. Both countries are aiming to more than double their trade volume, aiming to increase the current $191 billion to $500 billion by 2030.