Donald Trump tariff news live updates: US says India could be first country to sign trade deal with Washington
2025-04-24 16:44:25
India May Be First to Sign US Trade Deal, Says Washington
According to the New York Post, US Treasury Secretary Scott Bessant has said that he expects India to be the first to sign a bilateral trade deal to avoid President Donald Trump's reciprocal tariffs. The 26 per cent 'reciprocal' tariff on Indian exports to the US is currently on hold for 90 days, which is set to expire on July 8. However, like other countries, India is subject to a 10 per cent tariff under the current policy.
According to the New York Post, Bessant told a roundtable of about a dozen reporters on Wednesday that trade talks with India are "very close" to reaching a successful conclusion because the world's most populous country does not have "that many tariffs".
"India also has lower non-tariff trade barriers, obviously, there's no currency manipulation, very few government subsidies, so it's very easy to deal with Indians," Bessant said at a DC event organised on the sidelines of the annual meetings of the World Bank and the International Monetary Fund.
President Trump has demanded that other countries eliminate their tariff and non-tariff barriers on US goods, as well as close the US trade deficit, the New York Post said.
Earlier on Tuesday in Jaipur, US Vice President JD Vance urged India to eliminate non-tariff barriers, give greater access to its markets and buy more US energy and military hardware, as he laid out a sweeping roadmap for deeper ties between the two countries for a "prosperous and peaceful" 21st century.
