Even though both countries' leaders have promised to reach an agreement soon, the India-US trade deal remains exclusive. With Donald Trump's July 9 deadline approaching in less than a week, negotiators are working to reach an agreement despite India's tougher stance on tariffs.
Key Highlights`
- India proposes retaliatory auto and steel tariffs via WTO as trade talks stall before July 9 deadline.
- Negotiations hit roadblocks over auto, steel, agriculture; India insists on national interest and no rushed deadline.
When will an India-US trade agreement be signed? Here are the five things we know so far:
1. Indian negotiators returned from the United States on Friday, according to officials quoted in The Indian Express. "The trade negotiators just returned. The negotiations are still ongoing, but the agreement is not time-bound. India's primary interests include continued access to labour-intensive goods such as textiles and footwear. "Auto component exports are also a major concern," they stated.
2. India proposed retaliatory duties under WTO rules against the United States on Friday, as America moves to levy tariffs on imported auto parts from other countries in order to protect itself. The proposed suspension of concessions would result in increased tariffs on certain US-originating products. This notification is made in connection with the safeguard measures extended by the United States of America on imports of automobile parts from India," according to a WTO circular.
3. Commerce Minister Piyush Goyal hardened his stance on the India-US trade deal on Friday, emphasizing that New Delhi will not sign any agreement with the Donald Trump administration unless it is fully finalized, properly concluded, and in the national interest, and will not enter into any pact based on deadlines. When asked about the proposed interim trade agreement with the United States, he said that FTAs are only possible if both sides benefit and it is a win-win situation.
Also Read: India Seeks Concessions as Mini Trade Deal with US Expected Within 48 Hours
4. The Indian Express reports that, in addition to auto tariffs, steel tariffs continue to be a hot topic. While the United States refuses to make any concessions on steel imports to any country, India has pledged to protect its domestic industry by imposing duties. "We're focusing on areas where we have a competitive advantage. Despite the tariffs, production in the United States may be difficult," an official said.
5. According to AFP, emerging BRICS nations, which account for roughly half of the world's population and 40% of global economic output, are poised to band together over what they see as unfair US import tariffs. Diplomats from 11 emerging countries, including Brazil, Russia, India, China, and South Africa, have been drafting a statement condemning economic uncertainty.
