As personal talks between India and the US began on Wednesday, US Finance Minister Scott Besant expressed hope that India could be the first country to sign a bilateral trade agreement with us to avoid President Donald Trump’s retaliatory tariffs.
According to the New York Post, Besant said at a roundtable meeting with about a dozen reporters on Wednesday that trade talks with India are “very close” to a successful conclusion. The reason for this is that the world’s most populous country has not imposed any ‘excessive duty’.
“Non-tariff trade barriers are low in India,” Besant said at an event on the sidelines of the annual meetings of the World Bank and the International Monetary Fund. At the same time, it is also clear that there is no problem at the currency level, there is government subsidy, but it is very less. Therefore it is very easy to compromise with India. While signing the executive order at the White House, President Trump told reporters that India is going to negotiate and reduce high tariffs under the bilateral trade agreement.
He said, ‘India charges more than any other country in the world. Believe it or not, we do very little trade with India because their tariffs are very high. They have imposed almost the highest tariff (in the world), which is higher than China. I think they’re going to reduce those fees. Actually this is their problem, not ours. Giving the example of Harley Davidson, Trump said that America exports very little to India. Trump said that about six years ago, when he spoke to Harley Davidson officials, they told him that they do not do any business with India because their tariffs are too high and they are going to set up a plant in India. “And that’s what they did,” Trump told reporters. I don’t want that to happen. They were forced to set up the plant. (If) there were no charges, they would have set up their plants here.
A team of Commerce Department officials led by Commerce Secretary-designate Rajesh Aggarwal is currently in Washington and talking to the US on a trade deal. Both sides have pledged to complete the first phase of the bilateral agreement by the end of this year, with Indian officials saying they will complete the ‘early phase’ of talks by July 8, when the relief period from the steep US tariffs is set to expire.
US Trade Representative (USTR) Jamieson Greer on Tuesday said there is a ‘severe lack of reciprocity’ in trade relations with India, while he welcomed India’s constructive engagement on the bilateral agreement. “The ongoing negotiations will help strike a balance and open new markets for American goods,” Greer said in a statement, welcoming the announcement by Vice President JD Vance and Prime Minister Narendra Modi that they had finalized the terms for a bilateral agreement. It will also solve the problem of unfair activities that harm American workers.
Greer said, ‘India’s constructive participation so far has been welcomed. I hope to create new opportunities for workers, farmers and entrepreneurs in both countries. During his visit to India, Vance urged India to eliminate non-tariff barriers and allow American businesses greater access to the market. In a fact sheet released on Tuesday, the USTR office said the average duty imposed by India is 17 percent, the highest among the world’s major economies, while the average duty imposed by the US is 3.3 percent. It said, ‘In addition to tariffs, there are technical barriers to trade, regulatory barriers, and many restrictions on market access for services, industrial and agricultural sectors, due to which US exports are affected.’
(with agencies)
Why is it necessary to be afraid of Trump Tariff, India-US trade is the highest of 11.25 lakh crores
First Published – April 24, 2025 | 11:05 PM IST
related posts
