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Sources in the Government of India rubbished the claims that India would hold off signing the interim trade deal with the US. Previously, there were reports that the India-US trade interim deal, expected to be signed by March, could get delayed by a few more months.
Soon after India signed “mother of all deals” with Europe, US President Donald Trump announced a separate deal with India, announcing reduction of US tariffs on Indian goods from 50% to 18%. However, Trump administration’s recent probe into ‘excess industrial capacity’ among trading partners has raised new friction.
Last month, Trump agreed to cut down the punitive US tariffs on Indian imports in exchange of some promises including pausing purchasing crude from Russia, pledging to buy $500 billion worth American products and lowering duties on US goods.
Though reliable sources said the deal could be delayed, a spokesperson from India’s trade ministry said the two sides remain engaged for a mutually beneficial trade agreement. The US officials also said they are negotiating with India to finalise the deal.
The trade deal between India and US came to a pause after the US Supreme Court dismissed Trump’s tariffs followed by the war on Iran.
Though the US insisted that oil imports from Russia should be stopped for signing the interim deal, Indian officials said that they did not completely stop it but only reduced the volume of imports.
After the war with Iran began, the US officials urged New Delhi to increase buying crude from Russia to help ease a global energy crisis.
The public has to wait and watch how the US and India would take the trade deal forward in the coming days, after the US-Iran conflict ends.
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