India has offered to eliminate tariffs on steel, auto components, and pharmaceuticals for a limited quantity of imports from the US, provided the US reciprocates with similar tariff-free access for Indian goods, according to Bloomberg. “The offer was made by Indian trade officials visiting Washington late last month to expedite negotiations on a bilateral trade deal expected by fall this year,” Bloomberg reported, citing people familiar with the private discussions.
If imports exceed the agreed threshold, regular tariffs would apply to additional goods, the sources told Bloomberg. “Beyond this threshold, imported industrial goods would attract the regular level of duties,” the report stated. The proposal aims to advance trade negotiations, with both nations targeting a finalized agreement by fall 2025.
On Sunday, President Trump hinted at upcoming trade agreements, stating that his administration is in talks with multiple countries. He announced plans to impose new tariffs in the near future to address trade imbalances and safeguard U.S. economic interests.
Source: Bloomberg
