India-US Trade Deal: India and the US are not likely to seal their pact within the August 1 deadline, with talks that have been going on to go beyond the stipulated time frame, sources said, reiterating that India is unwavering in safeguarding its national interests without compromise.
As per official sources, though negotiations are ongoing, the chances of finalising the deal within the August 1 deadline seem remote. The sources pointed out that India will not make any compromises on its national interests in negotiations.
In preparation for a possible No Deal situation, India is ready to retaliate with higher tariffs on US imports, possibly between 20 per cent and 25 per cent, the sources further added.
India is also said to be willing to impose higher tariffs on American products temporarily as a sign of its readiness to protect local interests in case the talks fail to yield a mutual agreement.
Piyush Goyal: India, US making fast progress on Trade Deal, first phase targeted by Sept–Oct
Earlier, Commerce Minister Piyush Goyal stated that negotiations with the U.S. on the proposed bilateral trade agreement are making “fast” or “fantastic progress.” He confirmed that further talks are planned later in August and emphasised that both countries aim to finalise the first tranche of the deal by September–October, with a shared vision to expand bilateral trade toward $500 billion by 2030.
US seeks more talks before tariff deadline
According to official agency sources, the U.S. Trade Representative has said further negotiations are needed ahead of the August 1 tariff deadline, underscoring that current discussions are constructive but not yet conclusive. Meanwhile, India’s Commerce Minister has described the pace of talks as “fast” and “progressive,” with hopes of locking in a first-phase interim agreement by fall, as both sides pursue a broader trade framework targeting $500 billion in bilateral trade by 2030.
Also Read: India-US Trade Deal Update: Talks on first tranche in final stage, both sides soften their stance, say sources
