Media: India and the EU Reach Consensus on Nearly Half of the Terms of the Trade Agreement
According to的消息人士 reported by the Financial Times, India and the EU have reached consensus on nearly half of the terms of a possible trade agreement.
It was reported that "the negotiating representatives have reached an agreement on 8 of the 20 chapters of the agreement," said the sources.
It is expected that the trade agreement between the EU and India will be signed in December this year.
It was pointed out that both sides hope to avoid the negative impact brought by the high US tariffs through this agreement. Meanwhile, some products such as dairy products are not covered by this agreement.
On April 2, U.S. President Donald Trump signed an executive order imposing "reciprocal tariffs" on goods imported from other countries. The minimum benchmark tariff rate is 10%, while higher tariff rates are imposed on goods from 57 countries starting April 9. The US side explained that this is calculated based on the trade deficit between the US and specific countries, with the aim of replacing deficits with balances. However, on April 9, Trump said that more than 75 countries did not take responsive measures and requested negotiations, so within 90 days, all countries except China will apply a benchmark import tariff rate of 10%.
On May 28, the US Court of International Trade ruled to ban the execution of the executive order issued by the Trump administration to impose additional tariffs on multiple countries under the International Emergency Economic Powers Act.
Original Source: https://www.toutiao.com/article/1833892575550468/
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