India and the US are engaged in negotiations for a bilateral trade agreement as the deadline for Trump’s proposed reciprocal tariffs approaches. External Affairs Ministry spokesperson Randhir Jaiswal indicated ongoing discussions aimed at addressing tariffs and market access. Both nations aspire to expand trade significantly while coping with the potential implications of Trump’s tariff threats.

India is currently in negotiations with the United States regarding a bilateral trade agreement as the April 2 deadline for reciprocal tariffs, proposed by President Donald Trump, approaches. The Ministry of External Affairs has stated that the two nations are striving to develop a framework addressing issues like tariffs and market access. Spokesperson Randhir Jaiswal conveyed that discussions are ongoing in an effort to reach an understanding beneficial to both parties.

Jaiswal highlighted that India and the US are committed to advancing bilateral trade negotiations, aiming to enhance trade, improve market accessibility, and reduce both tariff and non-tariff barriers. During Prime Minister Narendra Modi’s recent visit to Washington, an agreement was made to begin negotiating the bilateral trade agreement by fall 2025. Nevertheless, Trump has criticized India’s tariff structure and remains firm on imposing these tariffs despite ongoing discussions.

In a recent interview, President Trump remarked on India’s high tariffs, asserting a desire for India to significantly reduce them. His comments contribute to concerns of a potential global trade war, prompting nations to consider countermeasures. When asked about the potential for US concessions, Jaiswal advised patience as negotiations continue.

Minister of State for Commerce and Industry Jitin Prasada confirmed India’s proactive engagement with the US to cultivate a robust trade relationship that emphasizes mutual benefits. Both countries aspire to double their two-way trade to $500 billion by 2030, fostering stronger economic ties across various sectors.

The US has initiated a memorandum aimed at investigating non-reciprocal trade arrangements that could affect American interests, although specific reciprocal tariffs on India have yet to be enforced. Recent US tariffs on steel and aluminum apply universally, with no exemptions granted previously to major exporter nations. Details reveal that, in light of Trump’s “America First” policy, the proposed tariffs reflect a stance against trade partners with higher import levies.

In its latest budget, India has made moves to lower tariffs on certain products, including bourbon whiskey and electric vehicles, signaling its willingness to negotiate tariff reductions in specific areas. Furthermore, there is a push from the US for India to increase imports of American oil, gas, and military hardware to alleviate the significant trade deficit, which reached nearly $45 billion.

In conclusion, India and the US are actively negotiating a bilateral trade agreement amid threats of reciprocal tariffs from President Trump. The Ministry of External Affairs emphasizes progress in discussions, with aspirations to enhance market access and trade relations. As both countries work towards mutual benefits, the context of ongoing negotiations takes precedence, reflecting India’s readiness to engage in fair trade practices while addressing President Trump’s concerns regarding tariff levels.

Original Source: www.hindustantimes.com

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