The U.S. and India have made steady progress in trade talks and could announce the first tranche of an in principle agreement within seven to 10 days, sources told CNBC TV18. The deal would exempt some Indian products from the U.S.’ 26% reciprocal tariffs with other products receiving zero duty fees. All other Indian imports to the U.S. would be charged with a 10% tariff.
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Bessent Says U.S. is ‘Far Along’ in India Trade Talks
The update aligns with U.S. Treasury Secretary Scott Bessent’s comment this morning that the U.S. is “far along” in trade talks with India.
In 2024, the U.S. exported $41.8 billion of goods to India and imported $87.4 billion, resulting in a goods trade deficit of $45.7 billion.
The S&P 500 (SPX) is trading higher on the news after opening lower this morning in response to Trump’s 50% tariff threat on the EU.
