United States Secretary of the United States Scott Besent | Photo credit: Reuters
India could become the first country to end a bilateral commercial agreement (BTA) with the United States with respect to Trump’s tariffs, said United States Secretary Scott Besent.
He said that negotiations with India could be completed, due to the relatively open commercial practices of the latter. And, also because of the fact that India “does not impose so many high rates”, so it is a probable favorite for an accelerated commercial pact.
According to reports in the US media. UU., The Secretary of the Treasury, Besent, said he expected India to reach the first bilateral commercial agreement, while the possible agreement with China has “reserved” for now.
Besent told the media that commercial conversations with India were “very close” to reach a successful conclusion, since the subcontinent does not have “so many high rates.”
“India also has non -tariff commercial barriers of Ferwer, obviously, there is no minimum currency manipulation, minimal government subsidies, so reaching an agreement with the Indians is much more important,” Besent said. I was talking at a Washington DC event outside the annual meetings of the World Bank and the International Monetary Fund.
Currently, the 26 percent reciprocal rate on India imposed by the United States is under a 90 -day suspension. This pause will expire on July 8. However, India still faces a 10 percent tariff, similar to other nations, under the commercial policy of the United States.
The highest rate is part of a broader strategy of President Trump to exert pressure on commercial partners to reduce commercial barriers and reduce the commercial deficit of the United States.
Previously, American vice president JD Vance, his visit to India, had urged the country to leave non -tariff barriers, provide access to markets and buy more US energy and defense hardware. “India, we believe, can contribute greatly to improve energy ties between our nations. And a suggestion that I have is that it may consider dropping some of the barriers not tasks for US access to the Indian market,” a duration of a rajasthan event said.
Both Besent and Vance’s comments come in the context of New Delhi and Washington making discussions to finish the terms of reference for their bilateral commercial agreement, and negotiations are expected to win impulse in the coming weeks.
Business line He had previously reported that the senior officials of India and the United States will discuss the “early stretch” agenda of the Bilateral Commercial Agreement (BTA) of the United India-states that can be delivered within the 90-day pause period for reciprocal DC next week. The Indian team, at a three -day meeting, will be led by Commerce Rajash Agawal.
Posted on April 24, 2025