India has rejected a quick trade agreement with the US, seeking a better deal as Prime Minister Narendra Modi draws confidence from new trading partners, eased economic risks, and political gains at home.
US-India Trade Talks
The two nations failed to finalize an interim trade agreement during US Trade Representative Jamieson Greer’s visit to New Delhi last month, despite expectations from both sides that a limited deal was within reach.
India is seeking a tariff advantage over competitors such as China and no new US levies after the deal. The US had hoped for quick trade concessions from a strategic partner as President Donald Trump prepares new tariffs likely to come into effect later this month.
India’s holdout risks higher levies on its exports and prolonged uncertainty for businesses. However, the country is calculating that some US trade measures could face legal or political setbacks.
India’s exports have risen, and the country is broadening access to other developed markets, with a UK free trade pact set to take effect this month, and an EU agreement expected by early next year.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
