US Commerce Secretary Howard Lutnick on Friday stated India ought to deliver down its excessive tariffs for america, as Washington goals to pursue “one thing grand” in a bilateral commerce deal between the 2 international locations.
In an interview with India At the moment TV, Lutnick stated that India’s tariffs, among the many highest globally, needs to be reconsidered in gentle of the “particular relationship” with america.
His assertion comes simply weeks earlier than US President Donald Trump’s deliberate reciprocal tariffs, set to take impact in early April, which have raised issues amongst exporters throughout industries corresponding to vehicles and agriculture.
“We wish to concentrate on bilateral dialog simply between India and america, deliver down the tariff ranges that India has, that protects a few of its areas,” Lutnick stated.
Lutnick recommended that India ought to think about opening up delicate sectors like agriculture, which it has historically protected to safeguard small farmers. He proposed {that a} deal could possibly be crafted with particular quotas and limits to stability either side’ pursuits.
Following a gathering between US President Donald Trump and Indian Prime Minister Narendra Modi final month, each international locations agreed to resolve tariff disputes and work on the primary part of a commerce deal by fall 2025, with a goal of attaining $500 billion in bilateral commerce by 2030.
Union Minister Piyush Goyal, throughout his practically week-long journey to the US, met with Lutnick on Tuesday to proceed discussions on advancing commerce talks.
US President Donald Trump on Wednesday reiterated that reciprocal tariffs would come into impact from April 2 in opposition to all international locations that cost excessive taxes from the nation.
Trump stated that the technique goals to handle unfair commerce practices, together with non-monetary boundaries, subsidies, and VAT programs.
He stated the strategy is designed to encourage international nations to both decrease or get rid of tariffs on US merchandise or set up manufacturing operations within the US, in the end contributing to its financial progress.
With Reuters inputs
