India nears deal to slash US tariffs on Indian imports to 15-16%, Mint reports
INDIA and the United States are nearing a long-stalled trade agreement that would reduce US tariffs on Indian imports to 15 per cent to 16 per cent from 50 per cent, India’s Mint reported on Wednesday citing three people aware of the matter.
The deal, which hinges on energy and agriculture, may see India gradually scale back its imports of Russian crude oil, Mint reported.
Reuters could not immediately verify the report.
US President Donald Trump said he spoke with Indian Prime Minister Narendra Modi on Tuesday, largely focusing on trade.
Trump said energy was also part of their discussion, saying Modi assured him that India would limit its oil purchases from Russia.
As part of negotiations, India may allow increased imports of non-genetically modified US corn and soymeal, Mint reported citing the sources. A deal may also include a mechanism to periodically review tariffs and market access, the outlet said.
Finalisation of a bilateral trade agreement is likely to be announced at the Asean Summit this month, Mint reported.
India’s Ministry of Commerce and Industry and the White House did not immediately respond to Reuters’ requests for comment. REUTERS
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