India-US: The atmosphere is once again hot regarding the trade agreement between the world’s largest economy, America, and fast-growing India. At the beginning of the year, when US President Donald Trump and Indian Prime Minister Narendra Modi had indicated that a trade agreement could be reached between the two countries India-US by the end of this year, the eyes of the world were fixed on these discussions ever since then.
India-US Tariff on one side, talks on the other
In April this year, the Trump government announced it to impose retaliatory tariffs on many countries, including India, but then it was suspended for 90 days. Now this deadline has been extended till August 1. No official tariff letter has been sent to India yet, which makes the possibility even stronger that both countries can soon announce an interim trade agreement.
India’s view of the talks is clear
On behalf of India, Commerce Minister Piyush Goyal has made it clear that India will not come under the pressure of any deadline. He says that a trade agreement will be made only if it is in accordance with India’s national interest. India’s policy has always been that the deal should be beneficial for both countries and India’s sensitivity should remain in any particular sector, especially agriculture and dairy.
India’s strictness regarding dairy and agriculture
India’s dairy and agriculture policy has always given priority to self-reliance and the interests of local producers. While the US encourages Genetically Modified (GM) crops, India has imposed strict restrictions on them. Similarly, India has challenged the US’s demands on milk and milk products in the WTO several times, and has stood by its rules.
India-US Trump’s global tariff war
US President Donald Trump has made the trade environment more tense by warning of imposing 10% additional tariff for BRICS countries. He says that countries that support anti-US policies will be charged additional duty. However, India is still out of this list and it is expected that the US will adopt a cooperative attitude with India at this time.
India-US What could be the next step
If an announcement is made before August 1, the agreement could be a “mini deal”, in which the most controversial issues such as agriculture, dairy and auto tariffs will be postponed for the time being. Its purpose will be to maintain a positive atmosphere between the two countries and move towards a final agreement. During this time, India has also indicated to take retaliatory steps against the tariffs imposed by the US on steel and aluminum through the WTO.
Now the world is watching the next test of India-US friendship
This trade agreement between India-US will not only determine the economic strength of the two countries, but will also determine the direction of the global trade balance. If this agreement happens, it can be a historic moment for India in terms of investment, export and trade policy. At the same time, the US can also get a strong partner in Asia who can respond to China’s challenges at the global level.
Disclaimer: This article is based on various reports and public sources related to the ongoing trade talks between India and the US. The actual agreement and its terms will depend on the official announcements of the US and Indian governments. Please verify with official sources before making any decisions.
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