India is not ‘desperate’ for a deal as other countries have not signed one with the U.S. either; tariff increase won’t hurt India more than others, say sources; govt. cautious on ‘sensitive’ dairy sector.
As the July 9 deadline for the reimposition of the U.S.’ reciprocal tariffs approaches, a potential trade deal still remains challenging as an agreement between India and the U.S. on agriculture and dairy remains elusive, according to sources.
“We want to do a deal before July 9, but agriculture and dairy are emerging as challenges,” a source which is aware of the developments said.“These are sensitive sectors, especially dairy, so we want to be very careful.”
As the July 9 deadline for the reimposition of the U.S.’ reciprocal tariffs approaches, a potential trade deal still remains challenging as an agreement between India and the U.S. on agriculture and dairy remains elusive, according to sources.
“We want to do a deal before July 9, but agriculture and dairy are emerging as challenges,” a source which is aware of the developments said.
However, despite the government’s keenness to conclude a deal with the U.S. before July 9, it is not “desperate” to do so, they said. “Even if we miss the deadline of July 9, what will happen, tariffs will go back to April 2 levels,” the source said.
“So, India will lose in some areas, gain in some, because it is not like U.S. trade deals are happening with other countries. We are the only country that is negotiating so elaborately for a trade deal with U.S.” Even when it comes to a “mini deal”, the government is still looking into what can be included and what can be excluded.
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“But there are challenges to meet the July 9 deadline given there are differences,” the source explained. “Our team will go to the U.S. for the next round of in-person meeting to discuss both the mini deal and the first tranche of the Bilateral Trade Deal (BTA), the timeline for which is Fall.”
Alert over Iran
On the situation unfolding in Iran, a senior government official separately said that Iran attacking U.S. bases in Syria has turned the situation “more serious” and that the Indian government was increasing its vigilance on the impact this would have on trade.
“There are alternative routes to the Strait of Hormuz, but it will also raise costs as it will increase the time for shipment of goods,” the official said.
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