India May Escape US Tariff Bite as BTA Gets Ready

India may escape the US' additional reciprocal tariff that was set to kick in on July 9 as both countries are currently discussing the fine print—having already resolved almost all tariff-related issues—so that they can announce a first tranche of a comprehensive bilateral trade agreement (BTA) by June-end, people aware of the matter said.

- Rajeev Jayaswal

After several rounds of discussions, India and the US have arrived at a near-consensus on granting duty-free access to over 90% products from the respective countries for mutual gain, provided Washington accords preferential treatment to Indian merchandise by removing all non-tariff barriers, these people said, requesting anonymity due to the confidential nature of the ongoing talks.