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News Topical, Digital Desk : An interim trade agreement between India and the US is likely to be finalised in the next 48 hours. Talks are going on between the two countries in Washington regarding this deal.
India's trade representative will stay in Washington for a few more days to resolve the differences between the two countries regarding the agreement. Both countries want to do a trade deal before July 9, because after that the US President will start imposing high tariffs on goods coming from India to America.
Which trade agreement can be reached?
NDTV quoted sources as saying that the US has been pressing for greater market access for the Indian agriculture and dairy sectors. However, the sector has long been a red line for New Delhi due to rural livelihood and food security concerns. It is extremely difficult for India to compromise on this.
News agency Reuters has reported, citing sources, that India's trade representative will not compromise on key agriculture and dairy issues. He said that lowering tariffs inside India on genetically modified or hybrid corn, soybeans, rice and wheat grown in the US is unacceptable.
Trump announced the tariff
Let us tell you, on 2nd April this year, US President Donald Trump had declared it as 'Liberation Day' and announced to impose reciprocal tariff on all countries. Trump had threatened to impose 26 percent tariff on goods coming to America.
However, Trump then allowed time to negotiate a trade deal and the tariff was temporarily reduced to 10%. Meanwhile, Trump had also said that a trade deal would be signed between India and the US very soon.
How will American companies get help in India?
Speaking to reporters on Air Force One, he said he could reach a deal with India that would cut tariffs for both countries and help US companies compete in India's market of 1.4 billion consumers.
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