'Very big' trade deal with India in the works: Trump
What's the story
United States President Donald Trump has hinted at a "very big" trade deal with India after a team of negotiators from both countries held a four-day closed-door talk on the agreement this month. The announcement was made during his speech at the Big Beautiful Event, shortly after he signed a trade agreement with China. "We are having some great deals. We have one coming up, maybe with India. Very big one," he said.
Statement
No trade deald with every country
While Trump did not go into detail about the accord, a White House official said that it aims to expedite rare earth exports from China to the US. At the same time, he stated that the US will not make trade deals with every other country. "Some, we are just going to send them a letter, saying thank you very much. You are to pay 25, 35, 45 percent," he said.
Negotiation progress
Indian delegation in Washington
An Indian delegation, led by chief negotiator Rajesh Agarwal, has reached Washington for further trade discussions with their US counterparts, PTI reported. The two countries are hoping to finalize the pact before July 9. This comes after the US suspended high tariffs on Indian goods till July 9. The proposed trade agreement aims to increase bilateral trade from $191 billion to $500 billion by 2030.
Concessions sought
What both sides are seeking
India is seeking full exemption from the additional 26% tariff imposed by the US. In return, India wants duty concessions on textiles, gems and jewelry, leather goods, plastics, chemicals, and shrimp. The US, meanwhile, is pushing for concessions on automobiles (especially electric vehicles), wines, petrochemical products, and agricultural items like apples.
Optimistic outlook
Gina Raimondo, Piyush Goyal's statements
US Secretary of Commerce Gina Raimondo had earlier expressed optimism about finalizing a trade deal between India and the United States soon. She said both countries have found common ground that suits their interests. Union Commerce and Industry Minister Piyush Goyal also confirmed negotiations for a fair and equitable trade agreement benefiting both economies.