India-US trade deal likely in not-too-distant future: Commerce Secy Lutnick

US Commerce Secretary Howard Lutnick said that a trade deal between India and the US is likely to happen in the "not too distant future", adding that the two countries have found a place that works for both of them.

 

Lutnick made these remarks in his keynote address at the US-India Strategic Partnership Forum’s (USISPF) Leadership Summit in Washington. He also stated, "When they put the right person in India, put the right person on the other side of the table, and we've managed (that), I think."

 

His remarks come at a time when the 90-day tariff pause deadline set by US President Donald Trump is nearing. The deadline has been set at July 9 for countries to avoid sweeping tariffs imposed by Trump.

 

 

Lutnick also suggested that India is likely to get more favourable terms from being one of the first pacts agreed, according to a Bloomberg report. He added, "Earlier countries get a better deal, that’s the way it is. So those who come in July 4th to July 9th, there’s just going to be a pile", suggesting that India is trying to negotiate a deal before the deadline nears.

 

Lutnick also acknowledged the rapid timeline that the Trump administration is pursuing. He said, "These kinds of deals used to take 2 or 3 years, and we're trying to get them done in a month, which is, you know, just not the ordinary DNA of trading relationships between countries."

 

Commenting on what the US is expecting from India, Lutnick said that the Trump administration is not aiming for sweeping concessions from India, rather it is looking for reasonable access to the markets of India", Fox Business reported.

 

Earlier in May, External Affairs Minister S Jaishankar stated that the trade talks between India and the US are underway, however, things were far from being final.

'Trump thinks America first, not America only'

Defending Trump and his policies, Lutnick stated, "The President thinks 'America First,' but he does not think 'America only' or 'America exclusively.' He will first take care of home - so that we are big and strong - but then he is going to take care of his allies. He is going to make sure that he takes care of India - whom he deeply, deeply admires and respects - and we are going to have a great, great relationship together."

India-US trade deal

 

On April 2, when Trump imposed reciprocal tariffs on more than 100 countries, citing their unfairness towards the US, India was hit with a 26 per cent tariff as compared to the 52 per cent tariffs it imposes on US-made goods. A 90-day pause was announced on April 9, allowing most countries to negotiate a deal with the US. Trump, on several occasions, claimed that tariff negotiation talks with India are "coming along great", indicating that a trade deal with India could come soon. However, on May 8, Trump took to his private social media platform, confirming a deal with the UK.