India-US trade deal elusive as New Delhi bats for retaliatory auto tariffs, steel remains challenge: 5 things we know
How did your country report this? Share your view in the comments.
Diverging Reports Breakdown
India-US trade deal elusive as New Delhi bats for retaliatory auto tariffs, steel remains challenge: 5 things we know
India-US trade deal remains elusive even as leaders of both the nations have assured of an agreement soon. With Donald Trump’s July 9 deadline to expire in less than a week, negotiators are working on signing an agreement despite India despite New Delhi hardening its stance on tariffs. India on Friday proposed to impose retaliatory duties under the WTO norms against the United States as America moves to charge tariffs on import of auto parts from other countries. India has vowed to safeguard its domestic industry by imposing duties.
When will an India-US trade deal be signed? Here are 5 things we know so far: 1. Indian negotiators returned from the US on Friday, officials quoted by The Indian Express said. “The trade negotiators have just returned. The talks are ongoing, but the deal is not contingent on any date. India’s key interests are sustained access for labour-intensive goods such as textiles and footwear. Auto component exports are also a key interest,” they said.
2. India on Friday proposed to impose retaliatory duties under the WTO norms against the United States as America moves to charge tariffs on import of auto parts from other countries to safeguard itself. “The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the United States… This notification is made in connection with safeguard measures extended by the United States of America on imports of automobile parts from India,” a WTO circular says.
3. Commerce Minister Piyush Goyal on Friday hardened his stance on the India-US trade deal, stressing that New Delhi will not sign any agreement with the Donald Trump administration until it’s not fully finalised, properly concluded and in national interest, and will not enter into any pact based on deadlines. FTAs are possible only when both sides get benefitted and it should be a win-win agreement, he told reporters when asked about the proposed interim trade agreement with the US.
4. According to the report by The Indian Express, apart from auto tariffs, steel tariffs remains an area of key interest. While the US is not willing to give any concessions on steel imports to any country, India has vowed to safeguard its domestic industry by imposing duties. “We are focusing on areas where we have a competitive edge. Despite the tariffs, production in the US could be a challenge,” an official was quoted as saying.
Also Read | India warns of retaliatory tariffs against US over auto parts safeguard duties