US Treasury Secretary Scott Bessent has suggested that India is likely to become the first country to finalise a bilateral trade agreement with the United States to avoid President Donald Trump’s reciprocal tariffs on Indian exports.
He said that trade negotiations with India are nearing completion, because of the latter’s relatively open trade practices. Bessent said this at a roundtable that was held during the annual meetings of the World Bank and the International Monetary Fund in Washington.
“India also has fewer non-tariff trade barriers, obviously, no currency manipulation, very, very little government subsidies, so that reaching a deal with the Indians is much easier,” Bessent told reporters, per the New York Post.
Currently, the 26% reciprocal tariff on India that the US imposed is on a 90-day suspension. The pause will expire on July 8th. However, India does face a 10% tariff as other nations per the US trade policy.
In other news, JD Vance who left India along with his wife Usha Vance and three children, departed for Washington today. On Tuesday, while in Jaipur, he urged India to lower non-tariff barriers. He also proposed that to build strong India-US ties, India should import more American goods, energy and military equipment.