New Delhi– India is on the verge of finalizing a landmark trade agreement with the United States, according to Kevin Hassett, Director of the U.S. National Economic Council. His remarks signal growing optimism as the Trump administration indicates a willingness to reduce tariffs to 10 percent or lower for countries offering strong trade proposals.
Speaking to CNBC, Hassett said the India-U.S. trade and tariff deal is “close to the finish line.” He also noted that the administration is mindful of the impact of tariffs on major American companies, stating, “We don’t want to harm Apple,” in reference to concerns over potential trade repercussions.
The statement comes as both nations intensify negotiations on the first tranche of a Bilateral Trade Agreement (BTA), which aims to lower tariffs and strengthen economic ties. Last week, Union Commerce and Industry Minister Piyush Goyal affirmed that substantial progress had been made in discussions with U.S. Commerce Secretary Howard Lutnick, calling the talks “mutually beneficial.”
India presents a compelling case for a trade partnership, backed by its strong growth outlook and demographic advantage. Minister Goyal emphasized the commitment of both governments to creating more opportunities for businesses and citizens in each country.
The two sides are aiming to finalize the first phase of the BTA ahead of the fall 2025 timeline, as the framework and terms of reference have already been agreed upon.
A successful agreement to lower tariffs is expected to significantly boost trade volumes. Both Prime Minister Narendra Modi and President Donald Trump have set an ambitious target of $500 billion in bilateral trade by 2030, a goal reaffirmed during Modi’s recent visit to Washington, D.C.
Although President Trump recently claimed that India had offered to eliminate all tariffs on American goods, he also stated he was in no rush to finalize the deal despite what he called a major breakthrough.
As talks advance, the world watches closely, anticipating what could be a transformative moment in U.S.-India trade relations. (Source: IANS)
