India-US interim trade deal could be announced by July 8, as sources say all terms have been agreed upon by both sides. An Indian team, led by chief negotiator and Special Secretary in the Department of Commerce Rajesh Agrawal, has been in Washington to finalise the talks.
The deal comes just in the nick of time, as Trump’s deadline for imposing reciprocal tariffs on countries worldwide ends on July 9. Following his “whatever we want” remark about tariff deadlines on Friday, Trump told Fox News that his administration is unlikely to extend them.
The US has suspended 26 per cent levies on Indian imports till July 9 – which was announced by Trump on April 2 to bridge the trade gap – while the baseline tariff of 10 per cent still stands. India has been seeking full exemption from the additional 26 per cent tariff.
Both sides are working towards a multi-sectoral, comprehensive first tranche of a Bilateral Trade Agreement (BTA) by October this year.
Of late, Trump has repeatedly hinted at a major trade deal in the works with India. Last week, he said his administration was looking to remove all trade barriers, which he called “unthinkable”.
