India Among 15 Big Economies With Which US Is Focusing Tariff Negotiations: White House

Washington: United States has said that India is among the 15 big economies with which Donald Trump 's administration is focussing on tariffs negotiations.

In a statement issued by US Secretary of State for Treasury, Scott Bessent in presence of Donald Trump and Italy Prime Minister Georgia Meloni, he said that the administration is focusing on tariffs negotiations with the big 15 economies first — including Japan, the European Union, South Korea, and India.

Donald Trump had imposed his much anticipated reciprocal tariffs on 133 partner trading nations on April 2 including India, China, Japan, Australia, New Zealand, Europe, among many others nations. 

Trump imposed 26 per cent reciprocal tax on India with a remark that New Delhi levy's one of the highest tariffs on American imports to its country. However, the United States imposed a discounted rate of reciprocal tariffs on India and other nations as well. 

Imposing his reciprocal tariffs, Trump had then said that they were putting a discounted trade duty on US trading partners compared to what other nations were charging the United States.

Trump justified imposing reciprocal tariffs on US trade partners saying for years they have been taking advantage of them but now it was time to treat them the way they have been treating America.

India-US in talks to conclude Bilateral Trade Agreement soon

India and United States have been in talks to discuss a Bilateral Trade Agreement (BTA) even before Donald Trump announced his reciprocal tariffs. Last week, External Affairs Minister S Jaishankar informed that he discussed with US Secretary of State to concluding a Bilateral Trade Agreement at the earlier.

US President Donald Trump has also mentioned that they are going to have a very good deal with India.

While US is in talks with over 75 trade partners, market and business experts have been of the view that Donald Trump tariffs have an objective of balancing trade with partner nations which is solely based on goods. However when it comes to services, it's the United States which has a trade surplus. They criticised President Donald Trump saying when he speaks about US having a trade deficit, it basically means he's talking about goods trade but what about services, a fact he (Trump) has been less vocal about.