Trade deal with India not far-off, but there are still gaps: U.S. official

Washington DC

The U.S. and India are not “far off” from finalizing an interim trade deal, but need to bridge some negotiating gaps, such as over discussions on pulses and the staging of tariff reductions, according to a U.S. official.

“We’re not that far off from finalizing the interim trade deal, but some gaps remain,” the official told The Hindu in recent days.

Where does the India-U.S. trade deal stand? | Explained

Officials in Washington are working out the nitty-gritty of trade agreements following the U..S Supreme Court’s February 20 ruling that the International Emergency Economic Powers Act (IEEPA), which was the basis for President Donald Trump’s ‘reciprocal tariffs’, was unlawfully applied. The administration is now working towards re-establishing the reciprocal tariffs using other legislative tools, including ‘Special’ 301 trade investigations conducted by the Office of the U.S. Trade Representative’s (USTR).