"They will pay 25%," CNN quoted Trump as saying on 29/7, referring to tariffs on Indian imports. Earlier, Reuters reported that India was prepared to accept tariffs of 20-25% on its exports to the US if no deal was reached. India has not made any new concessions as the August 1 deadline nears.
"India is a good friend of ours. But they charge the highest tariffs of any nation," Trump told reporters aboard Air Force One. The president also said a trade deal between the two countries was not yet complete.
India has not yet received a tariff notification from the US. Following Trump's announcement on 2/4, India faced retaliatory tariffs of 26%. Last year, total bilateral merchandise trade reached approximately $129 billion, with India holding a surplus of nearly $46 billion.
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President Donald Trump departs Scotland aboard Air Force One on 29/7. Photo: AP |
President Donald Trump departs Scotland aboard Air Force One on 29/7. Photo: AP
An Indian official said the country plans to resume large-scale trade talks with the US in mid-August when a delegation of US officials is expected to visit. They hope to reach a comprehensive bilateral trade agreement by October.
"The talks are progressing well," the official said, suggesting that Trump might issue a tariff order "in the worst-case scenario." "But we believe this is only a temporary measure. Five rounds of talks have already taken place. An agreement will be reached soon," the official affirmed.
US Trade Representative Jamieson Greer said negotiations with India needed more time, and Trump wanted good deals, not quick ones. He said India had shown "strong interest in opening some of its markets," despite its long-standing protectionist trade policies.
Last week, Indian Commerce Minister Piyush Goyal said India had made "excellent progress" in trade talks with the US. Officials said New Delhi had proposed tariff cuts on several items and efforts to remove non-tariff barriers. However, agriculture and dairy products remain sticking points, with India unwilling to import genetically modified soybeans or corn from the US, nor open its dairy sector.
Officials said India is adjusting its strategy amid US threats to impose tariffs on BRICS nations over issues such as de-dollarization and purchasing Russian oil. "We still expect an agreement that will give our exports preferential treatment compared to other countries," an Indian government official said.
On 28/7, Trump declared that most partners failing to negotiate separate deals with the US would face import tariffs of 15-20%, higher than the current general level of 10%. The Trump administration is expected to send notifications of the new "global tariffs" to about 200 countries soon.
Ha Thu (Reuters)
