Earlier this week, Trump said that they were “very close” to a deal with India but I guess not. The two sides have been negotiating since June already over a more limited trade deal or one that they dub as a mini trade deal of sorts.
Now, India has not gotten a tariff letter from the US yet as it is thought that negotiations will lead to a compromise by 1 August. So if that isn’t going to be the case, will India be slapped with the 26% tariffs from the initial announcement in April? Or is the US administration just going to ignore the deadline and keep 10% tariffs for now as negotiations stretch on further into next month?
That will be the interesting part to watch in all this ahead of the 1 August deadline.
As a reminder to the key sticking points, India wants the US to drop the 26% tariffs while also reducing duties on steel, aluminum and also autos. In return, they are expected to offer concessions on agriculture commodities and dairy products especially but also on other things like select industrial products and petrochemical products.
The goal was for a broader trade deal by the time we reach September or October
