US-India trade talks resume amid tariff disputes
The US and India are back at the negotiating table, trying to sort out a tariff standoff that's hit Indian exports hard—especially clothes and shoes.
Talks kicked off Wednesday, led by Deputy USTR Rick Switzer and chief negotiator Brendan Lynch from the US side, and Commerce Secretary Rajesh Agrawal from India.
The big issue? Earlier this year, the US slapped 50% tariffs on several Indian products, shrinking India's trade surplus with America.
How India is responding and what's next
India's trade surplus with the US has dropped sharply—from $3.17 billion in April to just $1.45 billion in October.
To soften the blow, India has started importing more US oil (now nearly 7.5% of its total oil imports) and signed new deals for American LPG.
At home, it's rolled back some rules to help small businesses compete and scrapped an 11% cotton duty to boost textiles.
Meanwhile, India is also eyeing new trade agreements with the EU and others to keep its options open if talks with the US stall again.