Dubs India's 17% average import levy 'highest of any major world economy', before reciprocal tariff rollout
He, however, promises to be 'much more generous'
However, economists say country's strong fundamentals, lower inflation hold hope
Interministerial talks to explore tariff cuts and market access; key sectors under focus include EVs, oil derivatives, plastics, and sensitive farm goods like dairy and almonds
The next level of the proposed bilateral trade agreement will be held virtually, eventually looking to finalising the broad contours of trade deal; meanwhile, the threat of reciprocal tariffs kicking
Apart from the additional tariffs that have been imposed on Mexico, China and Canada by the US, these countries account for 50 per cent of the US's total imports, which stands at over $3 trillion
Among digital services, one of the contentious issues on the table is India's data localisation norms - cross-border flow of data - that have been a concern for American companies
India calculating impact of 25% duty on cars, auto parts; firms see hit on margins
Nearly 34 states and union territories (UTs) have pre - published draft rules and it has been done in a harmonized, standardized manner, Dawra said
Since taking over as the US President over two months ago, Trump has been implementing protectionist policies in an attempt to Make America Great Again
The US administration has said it will impose reciprocal tariffs from April 2 to match the tariff and non-tariff barriers on imports from America
Both sides hope to finalise the first tranche of the agreement by the fall of 2025
With elections likely later this year, and given India's influence in the Indo-Pacific, a trade deal is important for the island nation, even more given the turmoil in global trade
It is learnt that the discussions will hammer out the details of the proposed BTA, with the aim to finalise the contours of the deal. Lynch is also the chief negotiator for the BTA
The committee also recommended that the commerce department should 'proactively' take measures to conclude the FTAs
Both sides are aiming to finalise the first tranche of a "mutually beneficial" deal by the fall of 2025
Data released by the commerce department on Monday showed that outbound shipments from India shrank at the sharpest pace in 20 months-by 10.9 per cent on-year--to $36.91 billion in Feb
But MSMEs fear escalation in domestic prices, call for import quota
Long-drawn negotiations that take years often result in businesses losing interest in trade talks. However, focusing on core trade issues can help India navigate complex negotiations more efficiently
Goyal said that there are hardly any areas where both countries compete. However, there are a few areas of sensitivity, but they can be navigated with mutual respect