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India, US working on interim trade deal ahead of deadline
India and the US are hustling to wrap up an interim trade agreement before the August 1 deadline.
Recent talks in Washington zeroed in on big-ticket sectors like agriculture, cars, and SCOMET.
Both sides hope to lock down the first phase of this deal by fall, aiming for smoother business between the two countries.
India-US trade deal important because exports to US increased
India wants to get rid of a hefty 26% extra duty on its goods and lower tariffs on steel, aluminum, and cars.
The US is pushing for easier access for its industrial and farm products.
All this matters because India's exports to the US jumped nearly 23% last spring—hitting $25.5 billion—while imports from the US also grew.
If this deal goes through, it could make trading a lot easier for both sides.