India and the United States are engaged in discussions covering the entire gamut of tariff structures, with negotiations progressing positively for the mega bilateral trade deal, according to sources familiar with the matter.
A potential bilateral trade agreement between India and the US made its way to the joint statement issued following Prime Minister Narendra Modi's meeting with President Donald Trump in February. As part of the BTA, the two nations have agreed to boost trade to $500 billion by 2030.
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The trade deal will also entail deeper market access to India for US companies, and also tariff concessions on both sides. US Commerce Secretary Lutnick has stated that India should open up its agricultural market, a sector it has so far remained protectionist of, given that the country is a very large agrarian economy.
The talks come in the wake of recent U.S. tariff measures on steel and aluminum, prompting India to assess their potential impact while weighing both opportunities and challenges arising from these changes.
The Indian government is also actively evaluating the implications of these steel and aluminium tariffs, particularly on domestic manufacturers and exporters. Officials said that they are conducting stakeholder consultations to better understand industry concerns.
A key aspect of India-US' trade talks is the reciprocal tariffs, which are set to be imposed on April 2.
However, the government currently is still awaiting clarity on whether Washington's trade policies will result in reciprocal tariffs that are sector, product, or country-based.
While the U.S. is undertaking a broader exercise affecting multiple nations, its approach is driven by various factors, including trade deficits, illegal immigration, currency manipulation, and domestic priorities under the "America First" policy. Indian trade representatives said that they are proactively engaging with their U.S. counterparts to ensure the country's interests are well-represented in these discussions.
Domestically, India is also reviewing safeguard measures to protect its steel industry from a surge in cheap imports, particularly from China. The Directorate General of Trade Remedies (DGTR) is currently investigating whether to impose a safeguard duty on steel imports to shield domestic manufacturers from potential disruptions.
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