India finance minister says US trade talks hit 'plateau'
Trade deal talks between India and the United States have reached a “plateau”, New Delhi’s Finance Minister Nirmala Sitharaman said Monday, after negotiations dragged on for months with the sides struggling to resolve sticking points. The two nations announced an initial understanding in February that would see Washington reduce tariffs to 18 per cent and India cut duties on a range of industrial…
India's Finance Minister Nirmala Sitharaman stated on Monday that trade negotiations between her country and the United States have reached a "plateau," according to wire reports. The ongoing talks, which began in February, aim to reduce tariffs by 18 percent in the United States and cut duties on various industrial and agricultural products in India. However, progress has been hindered by the United States' investigation into unfair trade practices against several countries, including India.
Sitharaman acknowledged during a speech at the Munich Security Conference in New Delhi that while both nations have reached a point of difficulty regarding concessions, there is still potential for further negotiations. She emphasized that both sides are willing to make compromises, but the exact nature of these concessions remains unclear.
The United States Trade Representative, Jamie Press Secretary Greer, echoed similar sentiments last week, stating that an announcement of progress was not imminent. However, he did confirm that both countries have identified the "universe of items that are sticking points."
In a separate development, Indian Prime Minister Narendra Modi spoke with US President Donald Trump on the phone recently, discussing trade, defense, energy, and critical technologies. The conversation took place amid growing concerns about the status of the trade negotiations.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
