US President Donald Trump has indicated that trade talks between India and the United States are going well and could be finalised soon. During a recent meeting at the White House, he suggested that an announcement might be made shortly. “We have another one (deal) coming up, maybe with India. We’re very close to a deal with India where they open it up,” Trump said.
The statement comes as India and US trade officials hold their fifth round of talks in Washington. Both sides are trying to reach a deal for a new trade agreement between the two countries.
While speaking to reporters during a meeting with Bahrain’s Crown Prince Salman bin Hamad bin Isa Al Khalifa, Trump also said that August 1 will be an important day because a lot of money will come into the US.
He mentioned that the US has already collected over $100 billion and that most of the tariffs haven’t started fully yet, except on cars and steel. “August 1st is when a very substantial money comes into our country. We’ve made deals with numerous places. We had one yesterday,” Trump said.
India-US trade deal may follow Indonesia model
The upcoming deal is expected to be similar to a recent trade agreement the US signed with Indonesia, which allowed American companies more access to Indonesian markets. Trump had said that the India deal will likely follow the same path, giving US businesses better entry into the Indian markets.
The ongoing discussions between the two countries have focussed on keeping tariffs reportedly under 20%. However, India has pushed back against some US requests, especially in sensitive areas like agriculture and dairy. India has refused to lower duties on dairy products, saying it needs to protect its local farmers and livelihoods.
The talks between India and the US have mainly focused on keeping import taxes below 20%. However, India has been pushing back against US’ demands to make changes in areas like farming and dairy. The Indian government has refused to lower duties on dairy products, saying it needs to protect the jobs and incomes of local farmers.