US eyes trade pact with India amid tariff talks; Japan deal uncertain

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According to the AFP, US President Donald Trump has expressed hope in relation to a trade deal with India, saying it could result in significantly low taxes and better access to US firms.

Talking to reporters at Air Force One, Trump suggested that India could eventually reduce trade sanctions, which could help both sides avoid the 26 % tariff imposed on July 9.

He remarked, “Right now, India does not accept anyone.

However, Trump expressed doubts about the progress of a separate deal with Japan. US Treasury Secretary Scott Basant had earlier confirmed that dialogue with India was moving forward, the purpose of both countries is to reduce import duties and stop the implementation of fast new levies next week.

In response to a question about the progress made in trade talks, Basant told Fox News, “We are very close to India.”

Indian government sources told Reuters that Indian officials extended a visit to Washington last week to try to reach a deal on a trade agreement with President Donald Trump’s administration, and concerned about delays on both sides.

A White House official said of the talks that the Trump administration plans to give priority to trade agreements with countries, including India, before Japan by the last date of July 9.

India is one of more than a dozen countries to try to avoid a rate of tariff rates on July 9 when the 90 -day tariff break ends. India can increase its new “mutual” tariff rate from 10 % to 27 %.

US Indian talks have targeted the road block over auto components, steel, and controversial import duty, which is ahead of Trump’s deadline to impose Trump’s mutual rates.

“We are in the middle – more than the middle – a very complex trade negotiations, hoping to have a very complex trade negotiation,” Indian Foreign Minister Subhahmaniam Jaishankar told a program in New York on Monday.

“Obviously, I would hope that we can bring it to a successful conclusion. I cannot guarantee it, because there is another party to this debate,” said Jaishkar, who is in the United States for a Chinese -based quad grouping meeting.

He added that there will be “giving and taking” and and both sides have to find the middle land.

Trump recommends high tariffs for Japan

Basant told Fox News that different countries, including Japan, have various agendas for trade deals, about which Trump complained on Monday and then on Tuesday.

Trump said he was not thinking about expanding the July 9 deadline and would send letters that would be notified to the countries that would face a tariff rate.

“We have dealt with Japan. I am not sure we will make a deal. I suspect,” Trump told reporters in Air Force One when he returned to Washington from Florida.

Trump suggested that he could impose a tax of 30 % or 35 % on imports from Japan, announcing more than 24 % tariff rate, which he announced on April 2 and then stopped until July 9.

He said that Japan is refusing to accept rice growing in the United States, demanding that Washington has made it “a simple” by selling millions of cars in the United States.

He said, “So what am I going to do, will I write to them a letter saying that we thank you very much, and we know that the kind of things you can’t need, and this is why you pay 30 %, 35 % or whatever number you decide.”

So far, only the UK has discussed a limited trade agreement with the Trump administration, which has accepted 10 % US tariff on many goods, including autos in exchange for airplane engines and special access to British beef.