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Former Foreign Secretary Harshvardhan Shringla said that the first phase of talks on the trade agreement between India and the US have been completed. Now America has to take a final decision. He said that the trade agreement between the two countries would be very important strategically as it can lead to a strong message to the global market.
Shringla said in a conversation with a news channel that India had initiated the initiative to start a conversation with the Trump administration. Just 25 days after Trump became President, Prime Minister Narendra Modi visited Washington and both sides agreed to double the bilateral trade to $ 500 billion and work towards a mutually profitable business agreement.
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The former Foreign Secretary said, “We have been working on this agreement since the first term of Trump.” America is the only major partner with which India has not yet signed any trade agreement. Regarding the US widespread tariff strategy, he said that the Trump administration is using tariffs to protect domestic manufacturing and increase revenue. He said, at least 10 per cent of the Aadhaar rate and in some cases, the US not only earns more revenue in countries like China, but also creates obstacles for entering the US market.
Second round of Trump’s tariff, letters released to 7 more countries
US President Donald Trump started the second round of tariffs. In this, he issued letters to Sri Lanka Algeria, Brunei, Iraq, Libya, Moldova and Philippine for 30 per cent tariffs. Earlier, Trump had sent a letter to 14 countries regarding tariffs. Trump has imposed 30 percent tariffs on Algeria, Iraq, Libya, 25 percent on Brunei and Moldova and 20 percent on Philippine. Trump sent letters with tariffs to 14 countries on Monday. Tariffs on all countries will be effective simultaneously from August 1. In addition to imposing tariffs on products in various countries, Trump has also imposed field-specific fees on steel, aluminum and automobiles since returning to the White House in January. On Tuesday, Trump said that he is going to put tariffs on copper and medicines as well.
India’s name is not yet in tariff letters sent to 21 countries
The US has sent a letter of tariff to 20 countries so far, but India does not have a name. Talks on tariffs are still going on between India and America.
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Talk is stuck on agriculture, dairy
US President Trump recently said that his administration is very close to the trade agreement with India. But sources said that the matter of both countries is stuck about agriculture and dairy sector. The US wants India to open its agriculture and dairy sector for American products, but India is not ready for it.