Trump stated, "We have potential deals in that regard. But let me tell you, I'm in less of a hurry than you are. They want us. We don't need them,".
Trump's announcement came a day after he stated that negotiations with India on tariffs were “progressing very well” and that a deal was close.
Commerce department discusses tariffs
According to sources, the bilateral trade agreement (BTA) talks between India and the US, which are expected to start soon, will be challenging. The US Department of Commerce is examining in detail the justifications for India's existing tariffs and trade restrictions. Particular focus is on agricultural products and quality control regulations.
The Indian Ministry of Commerce is also conducting its own internal assessments. It is gathering views from other ministries and industry representatives on the function of tariffs and restrictions. It is also analyzing the impact of the tariff cuts announced in the last budget. Sources say that these studies are intended to understand the extent to which India can manage without tariff and non-tariff protection.
Clear expectation from the US: lower tariffs
The Trump administration is demanding a significant reduction in India's tariffs on automobiles, motorcycles, whiskey and agricultural products. However, sources indicate that India is being cautious about tariff cuts on agricultural and dairy products due to domestic sensitivities and food security.
Talks are gaining momentum
Indian and US officials met in Washington DC on April 23-25 to kick off BTA talks. Following productive virtual meetings at the sectoral level, face-to-face negotiations are scheduled to take place from the end of May.
White House Trade Advisor Peter Navarro and Treasury Secretary Scott Bessent, both senior officials, announced earlier this week that the deal is close and that they aim to finalize it as quickly as possible during the Trump administration.
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