India has provided the US tariff cuts on farm imports and is contemplating additional cuts on liquefied pure fuel because it rushes to safe a commerce take care of President Trump in time to keep away from his hefty reciprocal taxes, in accordance with reviews.
China, Canada and the European Union have appeared unwilling to barter on the Trump administration’s proposed tariffs – a 20% levy on China, 25% taxes on Canada and reciprocal tariffs coming April 2.
However India has been an lively participant on the negotiating desk, indicating it’s open to slashing tariffs on greater than half of US imports value $23 billion, Reuters reported earlier this week.
Throughout conferences in New Delhi with Brendan Lynch, assistant US commerce consultant for South and Central Asia, India agreed to decrease tariffs on farm merchandise like almonds, walnuts, cranberries, pistachios and lentils, a supply acquainted with the talks instructed Reuters.
The South Asian nation can also be contemplating a pitch to scrap its import tax on US LNG to assist minimize the commerce surplus with Washington, in accordance with authorities and trade sources.
Authorities representatives are anticipated to complete commerce negotiations late on Friday, in accordance with the report.
The White Home and a consultant for India’s authorities didn’t instantly reply to The Submit’s requests for remark.
Talks are “progressing well” and the bilateral commerce pact will profit each nations, Indian Commerce Minister Piyush Goyal mentioned on Thursday.
India has already lowered its duties on bourbon whiskey to 100% from 150% final month.
Now, the US is hoping it’ll comply with swimsuit by slashing tariffs on cranberries, almonds and walnuts, which vary from 30% to 100%. Its levy on lentils is about 10%.
However India continues to be dealing with resistance at dwelling with regards to reducing tariffs on essential dairy, rice, wheat and maize imports, sources mentioned.
US agriculture exports to India totaled practically $2 billion in 2024, together with $452 million in alcoholic drinks and $1.3 billion in fruit and veggies.
In the meantime, India’s exports to the US totaled round $5.5 billion.
India can also be weighing whether or not to scrap its import tax on US LNG.
The US is already India’s second-largest provider of LNG, and the South Asian nation has been seeking to additional ramp up imports.
Throughout Prime Minister Narendra Modi’s go to to the US final month, India vowed to extend its US power imports by $10 billion to $25 billion within the close to future.
The US and India agreed to focus on $500 billion in bilateral commerce by 2030.
By axing the tax, India would slim down its commerce surplus with the US, a authorities supply instructed Reuters.
With Submit wires
