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(Bloomberg) — India said it remains in talks with the US after Washington proposed fresh tariffs on imports from major trading partners, adding that negotiations on a broader trade framework agreement announced earlier this year are continuing.
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“India remains engaged with the US on the matter as a part of Section 301 proceedings,” the Commerce and Industry Ministry said Wednesday, adding that talks on the framework agreement announced in February are also ongoing.
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The statement followed the US’s proposal to impose tariffs of at least 10% on goods from 60 trading partners, the Trump administration’s biggest move to revive a protectionist trade agenda after earlier levies were struck down by the US Supreme Court.
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Under the proposal, imports from Canada, Mexico, the European Union, Taiwan and the UK would face a 10% tariff following a Section 301 investigation into goods allegedly produced with forced labor. Products from China, India, Japan, South Korea, Brazil and Switzerland would be subject to a 12.5% levy, according to the Office of the US Trade Representative.
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The move comes as a US trade delegation led by chief negotiator Brendan Lynch is in New Delhi to advance negotiations and finalize details of an interim trade deal.
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A senior official familiar with the matter said earlier that India would seek relief from any tariffs arising from US Section 301 investigations during meetings with American officials this week.
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The two nations had reached an agreement on the first tranche of the bilateral trade agreement in February and were expected to formalize it in March. The process got delayed after US Supreme Court struck down reciprocal tariffs.
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New Delhi has been pushing for dropping the section 301 probes and resolving the issue bilaterally given that the two nations are already engaged in trade negotiations.
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English (US)