Trump Now Hints at Limited Exceptions

A high-level US team, led by assistant trade representative for South and Central Asia Brendan Lynch, is in New Delhi to decide on the contours of the agreement.

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A senior government functionary said here on Wednesday that the Indian industry is 'paranoid' about reciprocal tariffs and has asked the government to conclude the BTA at the earliest. Stating that talks on BTA 'are progressing well', the person said the contours of the agreement and negotiation schedule may be finalised 'in the next three days'.

The industry is worried that if reciprocal tariffs are imposed a lot of jobs will be at stake and asked for either deferment or protection from the tariffs, the source said. "Everyone is writing to the government to protect them from the possible impact of reciprocal tariffs."

India, among other countries, have sought carveouts from the reciprocal tariffs. Earlier this week, the government announced scrapping of a 6% levy on online advertisements, completing the elimination of the 'Google tax' on firms accessing Indian markets with digital means. This is seen as big positive for Big Tech, which is aggressive on the thriving Indian markets.