Chief India Trade Negotiator Says US Deal Should Be Soon
India's Commerce Secretary Rajesh Agrawal, the lead negotiator on the trade deal with the U.S., told reporters in New Delhi on Nov. 17, "We should get a closure soon."
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There are 25% reciprocal tariffs on Indian goods, and another 25% to discourage India from buying Russian oil.
The same day in Washington, National Economic Council Director Kevin Hassett told CNBC that he's spoken to the U.S. trade representative about the India negotiations. "I think that it’s a complicated situation, because the interaction between what India does with Russia and with what India does with us," he said. "We’re still quite hopeful. But it got pretty complicated, because there are a lot of different variables in the India-American relationship, but they’re good friends, and we’re hoping we can work it out soon."
However, on Nov.18, Commerce Minister Piyush Goyal, who is Agrawal's boss, sounded a cautionary note with reporters in India.
"India as a nation has to secure its interests. Have to secure the interests of our stakeholders, businesses and balance it with our sensitivities with the farmers, with the fishermen, with small industries," he said.
"When we find the right balance, rest assured we will get outcomes on this ... . When the deal will become fair, equitable and balanced, you will hear good news."