India says talks on to finalise trade pact with US by autumn

While the 10 per cent baseline tariffs for all countries came into effect from April 5, the 27 per cent reciprocal tariffs kicked in on April 9. Trump later paused these tariffs for most countries — but raised them to 125% for China.

Trump earlier claimed world leaders are “dying to make a deal” with the US and would do anything to secure a pact. “I am telling you, these countries are calling us up, kissing my…” Trump said at the Republican Congressional Committee dinner Tuesday. “They are dying to make a deal. ‘Please, please sir, make a deal. I’ll do anything sir’.”

Asked to comment on the language used by the US President, Ministry of External Affairs spokesperson Randhir Jaiswal simply said India was engaging with Washington on the trade talks. Jaiswal told reporters: “India is carefully examining the implications of the various announcements made by the US. The government of India… is assessing the situation by taking into account feedback from stakeholders including exporters and industry representatives.”

India and the US began negotiations on the trade deal after PM Narendra Modi met Trump in Washington, DC in mid-February.

On Wednesday, Jaishankar said that every country in the world today is fashioning its own strategy to deal with the US. “In our case, our strategy has a goal. And the goal is to see whether it’s possible to actually deal with this situation by concluding a bilateral trade agreement,” he said.

“I think we are the only country after President Trump has assumed presidency the second time, which has actually reached such an understanding in principle,” Jaishankar said.  On April 7, the EAM spoke to US Secretary of State Marco Rubio and “agreed on the importance of the early conclusion” of the trade deal.