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India Seeks Tariff Relief in U.S. Trade Negotiations
10 Dec
Summary
- India's Commerce Secretary met U.S. Deputy Trade Representative in New Delhi.
- India seeks relief from U.S. tariffs imposed on Russian oil purchases.
- Exports to the U.S. experienced a nearly 9% year-on-year decrease in October.
High-level trade discussions are underway between India and the United States in New Delhi. Commerce Secretary Rajesh Agrawal engaged with U.S. Deputy Trade Representative Rick Switzer to advance negotiations on a bilateral trade agreement. A primary focus of these talks is India's urgent need for relief from substantial U.S. tariffs, implemented due to India's continued purchases of Russian oil.
These tariffs, which saw a significant doubling in August, have negatively impacted crucial Indian exports such as textiles, chemicals, and food items like shrimp. The economic repercussions are evident, with India's exports to the U.S. declining by nearly 9% year-on-year in October. Despite this, exports saw an uptick compared to the previous month.
Simultaneously, the U.S. is pressing India to reduce tariffs and other trade barriers on American goods, particularly agricultural products. While India has reportedly shown some openness in the recent discussions, it has also resisted greater imports of U.S. farm and meat products.
