India Holds Firm in High-Stakes U.S. Trade Talks
(MENAFN) India is approaching its bilateral trade negotiations with the United States from a position of strength, prioritizing its national interests, Commerce Minister Piyush Goyal affirmed, as reported by media.
The two countries are in talks to finalize a trade agreement before the looming July 9 deadline imposed by US President Donald Trump, who aims to prevent the implementation of reciprocal tariffs.
“Today, India negotiates from a position of strength,” Goyal declared at a summit on Saturday, according to the report. “We are self-confident and can compete with anybody in the world.” He emphasized that India does not yield to deadline pressure: “We negotiate keeping national interest in mind, and national interest is paramount in all our global engagements.”
Since taking office in January, Trump has aggressively pursued tariffs to shield American manufacturers. His efforts peaked on April 2 with a sweeping tariff package, dubbed ‘Liberation Day,’ which introduced a general 10% tariff and hikes reaching up to 70% on countries deemed to have treated the US unfairly.
A source familiar with the matter told media, “India wants a trade deal where it would get market access in its areas of interest, including labor-intensive goods, and it should have sustained preference over other countries in these areas.” Indian media reports suggest the trade deal with the US is either nearing completion or expected to be finalized in phases. According to media, “India has already offered to bring down tariffs in a number of sectors for American goods while insisting that its red lines in sensitive areas, including agriculture and dairy, be respected.”
In a related development, last week, Indian Finance Minister Nirmala Sitharaman told the media that the country cannot compromise the interests of its farmers or agricultural sector. During the 2024-25 fiscal year, bilateral trade between India and the US reached $131.8 billion, with India holding a trade surplus of $41.18 billion, according to the Indian Commerce Ministry.
Meanwhile, in Trump’s second term, the US has secured new trade agreements with the UK and Vietnam and struck a temporary deal with China to cap tariffs at 30%, following a series of sharp tariff escalations earlier this year that pushed rates as high as 145%.
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