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Informist, Thursday, May 15, 2025

 

--Trade secy: India govt officials to soon visit US for trade talks 

--Trade secy: Good that de-escalation happened between US, China over tariffs 

--Trade secy: US tariffs on China still high despite trade war de-escalation 

--Govt source: Apple must decide production on a nation's mfg competitiveness 

--Trade secy: Would like to conclude trade pact with US as soon as possible

 

NEW DELHI – A team of officials led by Commerce Minister Piyush Goyal will leave for the US Friday for negotiations on a bilateral trade agreement, a government official said. The two sides have been engaged in discussions on a trade deal since February.

 

Earlier in the day, Commerce Secretary Sunil Barthwal said a team of Indian government officials would visit the US very soon. "We would like to conclude the trade deal with the US as soon as possible," Barthwal said.

 

A bilateral trade agreement with the US is New Delhi's hope to avoid Washington's proposed reciprocal tariff of 26% on Indian goods, which is likely to be back in place from Jul. 9. Asked about the government's plan if the deal is not concluded by then, Barthwal said, "There is no plan B." The reciprocal tariff could significantly hurt India's exports growth as the US is the top destination for the country's exports. Indian exports to the US in Apr-Feb were worth $76.36 billion, according to the latest data available with the commerce ministry.

 

Commenting on the developments in US-China relations, Barthwal said it was good the trade war between the world's two largest economies had been de-escalated, but added that American tariffs on Chinese goods continue to remain high. The US and China have put their tariff war on hold for 90 days, with the former agreeing to cut duty on Chinese goods to 30% from 145%, and the latter agreeing to cut duty on American goods to 10% from 125%.

 

Due to the tariff war between Washington and Beijing, the 'China+1' strategy gained prominence and several businesses, including maker of electronic devices Apple Inc., planned to expand capacity in India. Following the suspension of tariffs on China, US President Donald Trump said he had asked Apple CEO Tim Cook to not expand capacity in India. "I don't want you (Cook) building in India... India can take care of themselves," Trump said, adding that he wants Apple to build capacity in the US.

 

A commerce ministry official, reacting to the statement, said Apple should pick its location for capacity expansion on the basis of manufacturing competitiveness. "India has proved its manufacturing competitiveness at multiple instances," the official said.  End

 

US$1 = INR 85.55

 

Reported by Krity Ambey

Edited by Rajeev Pai

 

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