India-US agree on terms of trade deal! Trade deal likely to be announced on July 8

The interim trade agreement between India and the US may be finalized on July 8. Sources have revealed that both the countries have agreed on all the terms. The ongoing discussions on the bilateral trade agreement with the US in Washington under the leadership of Special Secretary and Chief Negotiator of the Department of Commerce Rajesh Agarwal from India are progressing positively. The 90-day exemption period for reciprocal tariffs imposed on various countries by US President Donald Trump is about to end on July 9. Before that, there is a strong possibility of a deal on trade issues including tariff relief between India and the US on July 8. The US had imposed a 26 percent reciprocal tariff on India. From which exemption has been given till July 9. However, the baseline tariff of 10 percent is still applicable on India. India is making efforts to sign a trade agreement with the US with the aim of getting exemption from these tariffs and improving bilateral trade relations. Discussions have been going on for the last three months to deepen bilateral trade relations between the two countries in various sectors. Experts are optimistic that the Bilateral Trade Agreement (BTA) between the US and India will be implemented by October this year. Trump has given several indications that the trade agreement with India is moving forward on a positive footing. Last week, he had said that he is going to remove all trade challenges.

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