A delegation from India will be in the US later this month to carry forward discussions on the interim trade deal whose framework was finalised in February, US ambassador to India Sergio Gor said Thursday.
“The US and India have previously agreed to a trade deal, and we look forward to welcoming an Indian delegation to Washington later this month,” Gor said in a post on ‘X’ after his meeting with US Trade Representative (USTR) Jamieson Greer.
“Details of the visit – including the dates – are being worked out, ” the commerce ministry spokesperson said. While no details were provided on the nature of talks, India has maintained that any trade agreement with the US must retain its tariff advantage with its competitors as was done by the interim deal framework before other events intervened.
India and US had through a joint statement on February 7 announced the framework of their interim trade agreement with details of tariff reduction commitments from each side. Based on the joint statement, both sides had to work on the formal text of the interim trade deal and sign it by mid-March but on February 20 the US Supreme Court invalidated the country-specific tariffs.
The interim deal had removed 25% additional tariffs on India for buying Russian crude oil and the going forward the US had agreed to bring down reciprocal tariffs on India to 18% from 25%.
Following the court’s ruling, the US imposed 10% additional duties on all imports under Section 122 of the Trade Act which applies to all exporters to the US equally.
The additional 10% surcharge to address large and serious balance of payment deficits can be imposed only for 150 days and their upper limit is 15%. Along with that, the US has also started investigations under Section 301 of the Trade Act against the policies of its major trade partners including India, European Union and 14 other countries that enable excess capacities in some manufacturing sectors and hurt the US.
TOPICSTradeThis article was first uploaded on April nine, twenty twenty-six, at forty-four minutes past seven in the evening.