Prime Minister Narendra Modi and US Vice President JD Vance reviewed the progress of the India-US Comprehensive Global Strategic Partnership over a telephonic conversation on Saturday.
The two leaders discussed the momentum in high-level engagements between the two countries and reaffirmed their commitment to strengthening cooperation across key areas, including trade, defence, critical and emerging technologies, energy security and critical minerals.
Modi and Vance also exchanged views on regional and global developments of mutual interest.
During the call, Modi congratulated Vance and his wife, Usha Vance, on the birth of their son and conveyed his best wishes to the family.
USTR Section 301 & Additional 10% Tariff
The United States Trade Representative has announced the final measures under Section 301 of the US Trade Act, 1974, imposing an additional 10% ad valorem duty on certain imports from India. The final rate is lower than the 12.5% tariff proposed in June, giving Indian exporters a relative advantage over several other economies covered under the investigation.
The Government of India welcomed the outcome, stating that sustained diplomatic engagement with the United States helped secure India's placement in the lower tariff tier while ensuring that a significant share of exports remains exempt from the additional duty.
When Will The Deal Be Inked?
The long-awaited India-US trade agreement could be signed within the next three to four months, a senior US official reportedly said towards the end of last month.
Speaking on the sidelines of the ASEAN Foreign Ministers' Meeting in Manila, the official told reporters that negotiations between New Delhi and Washington were effectively complete.
"The deal... is there. We literally have the paper," the official said, speaking on condition of anonymity.
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