US-India Trade Talks Progress Amid Tariff Turmoil

Indian Commerce Minister Piyush Goyal and US counterpart Howard Lutnick met to discuss enhancing trade relations following a US Supreme Court decision overturning Trump's tariffs. They aim to finalize a legal framework for a trade agreement, crucial for advancing economic ties between the two nations.

Commerce and Industry Minister Piyush Goyal engaged in discussions with US Commerce Secretary Howard Lutnick, focusing on strengthening bilateral trade between India and the United States. This dialogue follows a significant US Supreme Court decision that nullified former President Donald Trump's tariffs, which had wide-reaching international implications.

The meeting highlighted the urgency for both nations to draft the legal framework for the first phase of a bilateral trade agreement. This comes in the wake of the US imposing temporary tariffs on international trade, which were set at 10 per cent. Trump's administration had planned to raise these to 15 per cent, pending official confirmation.

Historically, the US is India's largest trading partner, making bilateral trade a priority. Goyal emphasized the need for clarity on tariff policies to expedite negotiations, postponed due to the Supreme Court's ruling. Both countries have proposed reducing tariffs, aiming for a mutual reduction to 18 per cent, facilitating smoother trade relations.