US-India Trade Talks Reveal Potential Tariff Breakthrough as Trump Administration Considers Reduced Rates for Indian Goods
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US-India Trade Talks Reveal Potential Tariff Breakthrough as Trump Administration Considers Reduced Rates for Indian Goods
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The big story right now is the ongoing negotiations between India and the US over a potential interim trade deal that could see the US reduce proposed tariffs on Indian goods to below 20 percent. According to Bloomberg and reports echoed by The Star, this is a major shift from the initially floated 26 percent rate and comes at a time when the Trump administration is rolling out far steeper tariffs for many other countries. These discussions position India as one of the few nations in favorable talks with Washington while the White House surprised dozens of trading partners this week by announcing tariffs as high as 50 percent on certain goods ahead of an August 1 deadline.
India has acted swiftly to secure the best possible terms. Officials in New Delhi do not expect to receive a formal tariff demand letter like many other nations, which indicates a behind-the-scenes understanding may be close. Negotiators from India are set to visit Washington soon, with both sides still working out key sticking points, such as the US push for India to open its market to genetically modified crops—a proposal New Delhi has so far firmly rejected, citing risks to its farmers. Regulatory standards for agriculture and pharmaceuticals also remain unresolved, especially as the US recently announced a 50 percent tariff on copper and sectoral tariffs on pharmaceuticals, although the pharma tariffs have been deferred for at least a year.
Meanwhile, India’s trade talks are happening against a backdrop of heightened global protectionism. President Trump has described BRICS—a group that includes India—as “anti-American” and threatened additional tariffs on its members. He has openly warned of blanket tariffs in the 15 to 20 percent range for partners who haven’t received their rates yet, with the current global minimum levy at 10 percent. For Asian countries, recent tariffs range from 20 percent for Vietnam and the Philippines to a staggering 40 percent for Laos and Myanmar. On top of all this, Trump has signaled he could support a 500 percent tariff on nations importing Russian energy, a move that would force India to balance its strategic partnerships.
For Indian exporters, especially in metals and generics, the markets are watching closely. The US is India’s third-largest copper export market, and the pharmaceutical sector could face serious challenges if steep tariffs are implemented. Any decline in US demand for Indian copper might be absorbed domestically, but the pharma sector is more exposed, with the US accounting for 40 percent of India’s generic drug exports.
As these negotiations continue, Indian officials have made clear they will only sign a deal that is fully finalized and serves the national interest. The world is watching how this high-stakes chess game between Trump’s White House and New Delhi unfolds in the coming weeks.
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