India-US discuss reciprocal tariffs, 1st phase of bilateral trade agreement

Commerce and Industry Minister Piyush Goyal’s meeting with the newly-appointed United States Trade Representative (USTR) Jamieson Greer saw discussions on reciprocal tariffs that Washington plans to implement as well as the first phase of bilateral trade agreement (BTA) that both the sides plan to finalise.

 

“Ambassador Jamieson Greer had a productive meeting with the Indian minister of commerce and industry during his recent trip to the United States. They have since continued to have engaging conversations on reciprocal trade, expanding market access, and President Trump's America First Trade Policy,” the USTR said on platform X on Friday.

 

Goyal met key officials of the Donald Trump-led administration in Washington last week, including Greer, and his counterpart Howard Lutnick to discuss urgent trade issues. This comes ahead of the implementation of reciprocal tariffs by the US from April 2.

 

 

Hours after the USTR’s post, Goyal said that he had a ‘forward looking’ discussion with Greer on the BTA.

 

“Had a forward looking discussion with USTR Jamieson Greer on a mutually beneficial bilateral trade agreement. Our approach will be guided by ‘India First’, ‘Viksit Bharat’ and our Comprehensive Strategic Partnership,” Goyal said on X.

 

This is also the first time that both sides officially announced the meeting that took place last week.

 

In a joint announcement last month, Prime Minister Narendra Modi and US President Donald Trump declared their intention to complete the first phase of a mutually-beneficial BTA in seven-eight months.

 

The deal aims to increase market access, reduce both tariff and non-tariff barriers, and enhance supply chain integration between the two countries.

 

India is currently accelerating efforts to finalise its offer to seal a BTA with the US, balancing its sensitivities while addressing Washington’s key demands.

 

The government is working on a list of items where India is willing to reduce tariffs, aimed at shielding India from reciprocal tariffs.

 

Last week, Trump claimed that India had agreed to cut tariffs.

 

Also, the US Secretary of Commerce Howard Lutnick said that the US is looking to negotiate a broad-based trade deal and hold a product-by-product level discussion, as it could take years to finalise the agreement.

 

India had hoped for an exemption from these measures, but Trump has repeatedly stated that India, with its high tariff structure, will not be granted special treatment.