Will India get rid of tariffs? Big update on trade deal

US Finance Minister Scott Bessant has expressed hope that India can be the first country to sign a bilateral trade agreement with us to avoid President Donald Trump's retaliatory tariffs. The US imposed a 26 percent retaliatory tariff on Indian exports but later it was postponed for 90 days. This period is going to end on July 8.

Deal is very close

According to the newspaper of America, Scott Bessant said in a round table meeting with some reporters on Wednesday that trade talks with India are very close to reaching a successful conclusion.

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 The reason for this is that the world's most populous country has not imposed any very high tariff.

Besant said in a program during the annual meetings of the World Bank and the International Monetary Fund, non-tariff trade barriers are low in India. It is also clear that there is no mess at the currency level, there is government subsidy, but it is very low. Therefore, it is very easy to make a deal with India.

What is the demand in the deal?

According to the New York Post, President Trump has demanded that other countries remove their tariffs and non-tariff barriers on American goods and end the US trade deficit.

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Earlier, on Tuesday in Jaipur, US Vice President JD Vance presented a comprehensive blueprint of strong relations between the two countries for a prosperous and peaceful 21st century.

And urged India to remove non-tariff barriers, give more access to its markets and buy more American energy and military hardware.