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Govt optimistic about early-phase US trade deal
India and the US are racing to wrap up a trade agreement by July 9. The main sticking points? Tariffs and farm products.
The US wants India to lower duties on soy and dairy, but India's holding back to protect its small farmers—most have less than 2.7 acres of land.
India considering boosting exports to US
If talks stall, Indian exports could face a steep 26% tariff in the US.
There's also pressure from the US to allow genetically modified (GM) foods into India, which are currently banned.
To keep things balanced, India is considering importing more US soybean oil (without letting in GM animal feed) and boosting its own exports to the States—all while trying not to hurt local farmers' livelihoods.