India and US Near Bilateral Trade Deal, Avoiding Tariffs

US Treasury Secretary Scott Bessent believes India is close to securing a bilateral trade deal to prevent US tariffs. A 26% tariff pause on Indian exports expires soon. Talks are progressing due to India's fewer trade barriers. The US seeks tariff elimination and trade deficit reduction with India.

US Treasury Secretary Scott Bessent expressed optimism about India nearing a bilateral trade deal to circumvent President Trump's impending tariffs. A 26% tariff on Indian exports is paused till July 8. India, like other nations, is currently subject to a 10% tariff.

India's reduced high tariffs and non-tariff barriers make a trade agreement more reachable, as noted by Bessent at a DC roundtable during the World Bank and IMF meetings. President Trump desires global reductions in tariffs to facilitate American trade.

US VP JD Vance advocated for India's removal of non-tariff barriers and increased US market access while outlining a vision for stronger bilateral relations amid a US trade deficit with India of USD 45.7 billion as reported by the US Trade Representative.

(With inputs from agencies.)