India Proposes Tariff Reductions on US Agricultural Imports Amid Trade Talks
India is offering to cut tariffs on US farm imports, including almonds and cranberries, amidst trade discussions with the US. Commerce Minister Piyush Goyal indicated that negotiations are proceeding positively, focusing on mutual concessions. This approach signals India’s commitment to enhancing trade relations despite previous tariff disputes with President Trump.
India has proposed reductions on tariffs concerning US agricultural imports, including almonds and cranberries, in response to reciprocal tariff threats from US President Donald Trump. According to sources, India agreed on tariff cuts during a meeting with Brendan Lynch, the assistant US trade representative for South and Central Asia, encompassing several agricultural products as well as bourbon whiskey.
Commerce and Industry Minister Piyush Goyal stated on March 27 that discussions are progressing favorably, with a bilateral trade agreement still in the works. However, the Ministry of Commerce and Industry refrained from commenting on these negotiations, while the New Delhi embassy spokesperson noted, “We don’t have anything to share on private diplomatic discussions.”
Unlike many nations, India is proactively negotiating tariff reductions and is open to cuts affecting more than half of US imports valued at $23 billion. Minister Goyal highlighted the potential for mutual concessions, stating, “We complement each other, we can give mutual concessions to each other, tariff reductions and make it easier to export and import between the two countries.”
In February, India reduced the customs duty on bourbon whiskey from 150% to 100%. With continuing bilateral discussions, further tariff adjustments are anticipated. President Trump has recently indicated a softer stance, mentioning that various countries may receive concessions, and tariffs could be less “reciprocal” than previously emphasized.
India is moving forward with proposals to reduce tariffs on US agricultural imports amid ongoing trade negotiations with the United States. This approach demonstrates India’s willingness to engage in mutual concessions while addressing concerns over high tariffs that have been a point of contention. Continued progress in these discussions could foster improved trade relations between the two nations.
Original Source: www.business-standard.com
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