Commerce and Industry Minister Piyush Goyal says India and the United States are nearing agreement on an interim bilateral trade arrangement and may execute its first phase by mid-July or by the middle of next month. Multiple outlets report that after several days of negotiations in New Delhi, Goyal characterises the talks as progressing rapidly and says remaining open issues are close to being closed. Bloomberg reports that the negotiations proceed even as the US proposes fresh tariffs on imports from major trading partners, including India.
The Hindu adds details on the tariff framework discussed in the interim pact. It reports that the US has agreed to reduce tariffs on Indian goods to 18% from 50%, and that earlier measures include removing 25% tariffs on Indian goods related to purchasing Russian oil. The remaining portion of tariffs is described as scheduled to be cut to 18% under the pact.
Times of India notes that a high-level US delegation is expected to visit India later this month, aligning with the timeline described for implementing the first tranche. Overall, the sources describe an interim trade step with staged tariff reductions and an execution date focused on mid-July.
