A planned visit by US trade negotiators to New Delhi from Aug 25 to 29 has been cancelled, delaying talks on a proposed bilateral trade agreement, Indian business and financial news network NDTV Profit reported on Aug 16, citing people familiar with the matter.
The current round of negotiations for the proposed bilateral trade agreement is now likely to be deferred to another date, the report said, dashing hopes of some relief before the Aug 27 deadline for the additional tariff on Indian goods kicks in.
Earlier in August, President Donald Trump imposed
an additional 25 per cent tariff on Indian goods
, citing New Delhi’s continued imports of Russian oil in a move that sharply escalated tension between the two nations.
The new import tax, which will come into effect from Aug 27, will raise duties on some Indian exports to as high as 50 per cent – among the steepest levied on any US trading partner.
Trade talks between New Delhi and Washington collapsed after five rounds of negotiations over disagreement on opening India’s vast farm and dairy sectors and stopping Russian oil purchases.
India’s foreign ministry has said the country is being unfairly singled out for buying Russian oil while the US and European Union continue to purchase goods from Russia. REUTERS
