United States Secretary of Commerce Howard Lutnick on Friday said the Donald Trump administration was keen on a broadbased free-trade agreement (FTA) under which India would bring down tariffs across the board rather than negotiating a product-wise trade deal, which may take years to complete.
“I spent time with your ministers, but it’s time to do something big, something grand, something that connects India and the US together, but does it on a broad scale, not product by product, but rather the whole thing. Let’s bring India’s tariff policy towards America down, and America will invite India in to have really an extraordinary opportunity and relationship with us,” Lutnick said while virtually addressing the India Today Conclave.
Lutnick’s statement comes against the backdrop of his meeting with Commerce and Industry Minister Piyush Goyal, who visited Washington during March 4-6, ahead of the implementation of reciprocal tariffs by the US starting April 2.
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India is hoping to get a reprieve from reciprocal tariffs. Both sides have agreed to negotiate a bilateral trade agreement (BTA) by October this year. However, US President
“How you treat us is how we would like to treat you … India has some of the highest tariffs in the world, and that will require a rethinking of the relationship, the special relationship, between India and the US,” Lutnick said.