Brief by Shorts91 NewsDesk / 01:56pm on 20 May 2025,Tuesday Business
India is actively negotiating a three-phase trade agreement with the U.S. to avert the imposition of a 26% reciprocal tariff set to commence in July. Commerce Minister Piyush Goyal's recent U.S. visit aimed to finalize an interim deal focusing on enhancing market access for agricultural and industrial goods, while addressing non-tariff barriers. President Trump has claimed that India offered to eliminate tariffs on U.S. goods, though official confirmation is pending. The proposed agreement outlines a phased approach: an initial interim deal, a detailed agreement between September and November, and a comprehensive pact requiring Congressional approval by next year. This initiative seeks to strengthen bilateral trade relations and prevent potential trade disruptions. (PC: Business Standard)
