In the backdrop of rising trade tensions, India and US officials held talks for the first time since the latter withdrew duty-free benefits and its Generalised System of Preferences (GSP) benefits to Indian exporters, prompting New Delhi to impose retaliatory tariffs its US imports, reports Live Mint.
Assistant US trade representative (USTR) Christopher Wilson was on a two-day visit to India on 11-12 July, to work out ways to arrive at amicability between the two largest democracies of the world. Additional secretary of the commerce ministry Sanjay Chadha represented India during the talks.
“The meeting was cordial and aimed at providing a new impetus to bilateral trade and commercial ties, in line with the mandate given by Prime Minister Narendra Modi and President Donald Trump during their meeting at Osaka, Japan, on 28 June," said the joint statement.
The statement said both countries discussed broad contours of bilateral trade and commercial ties and “agreed to continue their discussions for achieving mutually beneficial outcomes aimed at further growing the economic relationship and addressing mutual trade concerns".
Just ahead of the meet, President Donald Trump had warned that India's high tariff regime was unacceptable to the US.
India has imposed retaliatory tariffs on 28 US products with effect from 5 June, as a counter to the US' hike in the import duties over Indian steel and aluminium. India also raised customs duties on a host of products, including alloy steel and auto parts, in the budget presented on 5 July.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.