U.S. Treasury Secretary said that India is likely to become the first country to reach a bilateral trade agreement with the U.S. under Trump's "reciprocal tariff" policy.
According to reports by The Indian Express and Nikkei on April 24, U.S. Treasury Secretary Scott Bessent said that India is likely to become the first country to reach a bilateral trade agreement (BTA) with the U.S. under the "reciprocal tariff" policy of the Trump administration. He stated that U.S.-India negotiations are "almost achieving breakthrough progress".
By February 2025, Indian goods accounted for nearly 3% of U.S. imported goods, and in 2024, the U.S.' trade deficit with India reached $45.7 billion. Currently, the Trump administration claims to impose a 26% tariff on Indian products, which is planned to take effect on July 8.
Bessent mentioned that after determining the scope of the bilateral trade agreement, the chief negotiators from India and the U.S. held their first face-to-face meeting on April 23, aiming to solve the issues within three days, with the goal of reaching a provisional agreement before the end of the tariff exemption period in July.
He stated that although India imposes high tariffs on many goods, there are fewer non-tariff barriers, no obvious currency manipulation or government subsidies, making it easier for both sides to reach an agreement. The agreement will be advanced in two phases - first reaching a principled consensus, then implementing it into specific details.
Source: https://www.toutiao.com/article/1830524979312713/
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