Indian Commerce Minister Piyush Goyal believes that the country will be able to secure a trade deal with the U.S. ahead of the August 1 deadline. “I’m always confident,” said Goyal in an interview with Bloomberg TV on Thursday, adding that U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer are “very dear friends.”
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President Trump has threatened to impose tariffs on imports of Indian goods of 26% if a deal isn’t reached.
India Works to Secure Tariffs Below 20%
Earlier this month, Bloomberg reported that the U.S. and India were working on a deal that would result in Indian imports being taxed at a rate below 20%. India has managed to escape receiving a letter from Trump with a new tariff rate thus far.
India is the 10th-largest trading partner of the U.S. when excluding the European Union. In 2024, the U.S. exported $41.8 billion of goods to India and imported $87.4 billion of goods, resulting in a U.S. goods trade deficit of $45.7 billion.
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