Summary:

According to US Secretary of the Treasury Scott Bessent, India will be the first country to finalize a bilateral trade agreement with the United States to avoid reciprocal tariffs under President Trump’s trade plan. At the IMF and World Bank annual meetings, Bessent praised India’s open trade policies, low non-tariff barriers, and absence of currency manipulation for accelerating negotiations, emphasizing that the deal has been easier to achieve compared to other nations.

Indian exports to the United States currently face a 10% duty, with a proposed 26% reciprocal tariff postponed for 90 days, set to expire on July 8, 2025. This is part of Trump’s broader strategy to reduce trade barriers and address the US trade imbalance. During a visit to Jaipur, Vice President JD Vance urged India to further open its markets, reduce non-tariff barriers, and increase imports of US energy and defense equipment.

Source: IBEF

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