US TREASURY SECRETARY Scott Bessent has said he expects India to be the first country to secure a bilateral trade deal avoiding President Donald Trump's reciprocal tariffs.
A 26 per cent 'reciprocal' tariff on Indian exports to the US is currently on a 90-day pause, set to expire on July 8. However, like other countries, India is presently subject to a 10 per cent tariff under the existing policy.
According to the New York Post, Bessent told a roundtable of about a dozen reporters on Wednesday (23) that trade talks with India are "very close" to reaching a successful conclusion because the world's most populous nation doesn't have "so many high tariffs."
"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 said at the DC event on the sidelines of the annual World Bank and International Monetary Fund meetings.
Trump has demanded that other countries break down their tariffs and non-tariff barriers to American goods, as well as eliminate US trade deficits, the New York Post said.
Earlier on Tuesday (22), US vice president JD Vance in Jaipur urged India to drop non-tariff barriers, give greater access to its markets and buy more American energy and military hardware as he laid out a broader roadmap of deeper ties between the two nations for a "prosperous and peaceful" 21st century.
The report quoted data from Census Bureau to say that India accounted for nearly 3 per cent of imported goods to the US as of February. The US had a $45.7 billion (£36.7bn) trade deficit with India in 2023, according to the Office of the US Trade Representative.
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