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During a media roundtable held alongside the annual meetings of the World Bank and the International Monetary Fund in Washington, Bessent said trade negotiations with India are nearing completion. He attributed the progress to India’s relatively open trade practices.
India currently faces a 10 per cent tariff under existing US policy, along with a proposed 26 per cent ‘reciprocal’ tariff on its exports, which has been temporarily paused for 90 days.
That pause is set to expire on July 8. The higher tariff is part of a broader strategy by President Trump to pressure trading partners into lowering trade barriers and reducing the US trade deficit.
On Tuesday, US Vice President JD Vance, speaking in Jaipur, urged India to expand its markets and reduce non-tariff barriers.
He also urged New Delhi to increase imports of American energy and military equipment, framing these measures as steps toward a more robust US-India partnership.
The Bilateral Trade Agreement (BTA) forms a key component of a broader US-India initiative titled ‘Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology’.
Launched in February 2025, this strategic programme is aimed at strengthening economic and military ties between the two nations, focusing on enhanced cooperation in areas such as trade, technology exchange, and defence collaboration.
As part of a revised trade framework announced by President Trump on April 2, the US imposed a 26 per cent reciprocal tariff on imports from India. This move aligns with Washington’s broader push to address trade imbalances and enforce equal treatment for American goods abroad.
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