India and US negotiate trade pact before July 24 deadline
India and the US are in New Delhi this week, hashing out the first phase of a bilateral trade agreement.
Led by US Trade Representative Jamieson Greer and India's Commerce and Industry Minister Piyush Goyal, they're working against the clock to update tariffs before the U.S.'s temporary 10% duty ends on July 24.
Once that's gone, new most-favored-nation (MFN) tariffs kick in.
US and India plan tariff cuts
The US is set to drop tariffs on Indian goods to 18%, while India plans to lower duties on American industrial products, farm goods, and purchase commitments on US energy products.
India's also aiming for a tariff advantage over countries like those in ASEAN to boost its presence in the US market.
Both sides want a deal that works for everyone, with implementation expected by mid-July.
Commerce Secretary Rajesh Agrawal summed it up: the focus is on completing the framework.