Synopsis
On April 7, 2023, India and the US expressed a mutual desire for an early conclusion of a bilateral trade agreement, following intensified discussions spurred by President Trump's tariff announcement. The talks encompass various regions and emphasize the importance of swift negotiations amid global trade tensions.Key Takeaways
- India and the US seek an early conclusion of a trade pact.
- Intensified discussions follow Trump's tariff announcement.
- Jaishankar and Rubio discussed multiple regions.
- India hasn't retaliated with tariffs like China.
- Global partners show willingness to negotiate with the US.
Washington, April 7 (NationPress) India and the United States expressed their desire for an "early conclusion" of a bilateral trade agreement on Monday.
The two nations have intensified discussions regarding this agreement in light of US President Donald Trump's announcement of a reciprocal tariff of 26 percent on Indian goods, alongside a broader tariff that impacts nearly all trading partners of the United States.
External Affairs Minister (EAM) S. Jaishankar shared insights on the Indo-Pacific, the Indian Subcontinent, Europe, Middle East/West Asia, and the Caribbean in a post on X after conversing with his American counterpart, Secretary of State Marco Rubio.
He mentioned, "We agreed on the significance of swiftly concluding the Bilateral Trade Agreement," adding, "I look forward to staying in touch."
This phone call seemed to be the first publicly acknowledged communication between cabinet officials of both nations following Trump's announcement last Wednesday.
A readout from the US regarding the call is still pending.
Unlike China, which retaliated with a 34 percent tariff on American goods last Friday, India has not yet announced any counter-tariffs. Most other US trading partners have refrained from retaliatory measures and shown willingness to negotiate instead. Vietnam was the first country to propose reducing its tariffs to zero. On Monday, Trump also spoke with Japan's Shigeru Ishiba.
In a post on his social media platform, Truth Social, US President stated, "Countries from around the globe are engaging with us. We are establishing tough but fair parameters. I spoke with the Japanese Prime Minister this morning, and he is dispatching a top team to negotiate! They have treated the US unfairly in trade. They do not accept our cars, yet we import millions of theirs. This must change, especially concerning China!"
Later on Monday, Israeli Prime Minister Benjamin Netanyahu is scheduled to meet Trump, marking the first in-person discussion between a world leader and the American President regarding tariffs. Trump has imposed a 17 percent tariff on Israel, a crucial military ally.
