India trade deal with US on track

THE DEAL AGREED upon between India and the US reduced reciprocal tariffs on India to 18% from 25% and removed the additional 25% penal tariffs for buying Russian crude oil.

- 

The proposed reciprocal tariff of 18% gave India an advantage over its key competitors like China, Vietnam, Indonesia and Bangladesh. “India would like to retain that advantage,” the official said.“India remains engaged with the US side for a mutually beneficial trade agreement,” Commerce Secretary Rajesh Agrawal said later in the day.

The deal came undone when the US Supreme Court invalidated the country-spe-cific reciprocal tariffs imposed through the International Emergency Economic Powers Act (IEEPA). These tariffs were the basis of all the trade agreements the US was negotiating or finalis-ing with its trade partners.