US, India to hold trade talks, raising hopes for reset
Move comes after Trump struck a more conciliatory tone in statements last week and expressed optimism that he could finalise a trade deal
India and the United States will hold trade talks on Tuesday, New Delhi said, raising hopes for a breakthrough weeks after US President Donald Trump imposed punitive tariffs on the South Asian nation for buying Russian oil.
The move comes after Trump struck a more conciliatory tone in statements last week and expressed optimism that he could finalise a trade deal.
The US trade representative for South Asia, Brendan Lynch, will be in New Delhi for one day of talks, Indian chief negotiator Rajesh Agarwal said. The talks will be held as part of bilateral trade negotiations, Agarwal added without going into more detail.
Trump last month slapped a punitive 25 per cent levy on India from August 27, doubling overall tariffs to 50 per cent, as part of Washington’s efforts to step up pressure on Moscow over its invasion of Ukraine.
India’s exports to the United States fell to US$6.86 billion in August from US$8.01 billion in July, trade ministry data released on Monday showed.
Total goods exports fell to a nine-month low of US$35.1 billion in August from US$37.24 billion in July, while the trade deficit narrowed to US$26.49 billion.