India is temporarily accepting the US tariffs of 20%-25% on some export products and plans to restart trade negotiations in August
Bloomberg, CNBC website reported on July 29, sources revealed that India is temporarily accepting the US tariffs of 20%-25% on some export products and plans to restart trade negotiations in August, aiming to reach a comprehensive agreement in September or October. Indian media said that India has no intention of making new concessions before the US "deadline" on August 1.
India still insists on listing agriculture and dairy products as "sensitive sectors," refusing to import genetically modified crops and open the dairy market. Jamieson Greer, the US Trade Representative, said that the Trump administration values a "good deal" more than a "quick deal," and the US needs more discussions to assess India's willingness.
Jamieson pointed out that India has always highly protected its domestic market, and if it lowers tariff barriers, it would be a major policy shift. On July 30, Trump said on Truth Social that since the US and India have not yet reached a trade agreement, the US will impose a 25% tariff on Indian goods starting August 1. He emphasized, "India's high tariffs are among the highest in the world, and India's non-tariff trade barriers are also the most stringent and annoying of all countries. In addition, India has been purchasing the majority of its military equipment from Russia, and together with China, it is one of Russia's largest energy buyers."
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