India says ready to make deal with US but national interest to be ‘supreme’
Summary
India is willing to make trade deals based on its national interest, not just to meet deadlines. Trade discussions with the US have faced challenges, particularly over tariffs and market access in agriculture and automotive goods.Key Facts
- India's trade minister, Piyush Goyal, stated India will only make trade deals if they are in the national interest.
- A deadline set by US President Donald Trump requires countries to negotiate trade agreements by July 9.
- Trump initially set a 26% tariff on US imports from India but paused it for 90 days, reducing it to 10%.
- India and the US have disagreements over import duties on car parts, steel, and agricultural products.
- India seeks better trade terms for its goods entering the US compared to countries like Vietnam and China.
- India has proposed retaliatory tariffs at the World Trade Organization due to US tariffs impacting $2.89 billion of its exports.
- Free trade agreements should benefit both sides, according to Goyal.
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