US warns of additional tariffs on India if Trump-Putin peace talks fail

WikiFX

| Two days ago

Extrait：US Treasury chief says Washington could increase secondary tariffs on India if talks dont go well in Alaska.

Trump says his tariffs are part of his administration‘s plan to boost the US’ economy and make global trade fairer.

He has repeatedly called India a tariff abuser and is keen to trim a $45bn (£33bn) trade deficit with Asias third largest economy.

Trade negotiations between Delhi and Washington have been under way for several months, and are set to renew with US negotiators expected to arrive in India on 25 August.

But experts say Indias refusal to reduce duties on agriculture and dairy products has been a major thorn in the negotiations.

Trumps new 50% tariff rate on India is set to come into effect on 27 August, which some experts have said is akin to an embargo on trade between the two countries.

It makes India the most heavily taxed US trading partner in Asia and is expected to severely hamper its exports focused industries like textiles and jewellery, and could drag Indias growth down by as much as half a percent.

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