India is poised to sign a historic trade deal with the United States, Director of the National Economic Council Kevin Hassett said on Tuesday.
Hassett made his comments as the Trump administration indicates it is willing to lower tariffs to 10 percent or less on nations that have good trade offers.
White House economic advisor stated to CNBC that the US-India tariff and trade agreement is "near the finish line."
He also reiterated that the Trump administration wants to avoid hurting Apple with tariffs. "Ultimately, we'll see what's the case, we'll see what the update is, but we don't want to hurt Apple," Hassett said.
India's Union Commerce and Industry Minister Piyush Goyal last week accepted development in talks with US Commerce Secretary Howard Lutnick to seal the first phase of a Bilateral Trade Agreement (BTA) between the two countries.
Citing India's potential growth opportunities and demographic edge, Goyal emphasized its attractiveness as a trade partner. He reiterated that both nations are "committed to increasing opportunities for our businesses and people.
India and the US are working towards signing the first tranche of the BTA with a view to reducing tariffs well before the agreed timeline in fall 2025, the terms of reference of the agreement already framed.
A successful tariff reduction deal is likely to increase the volume of trade between the two countries. When Indian Prime Minister Narendra Modi visited Washington, DC, recently, he and US President Donald Trump ambitiously agreed to achieve $500 billion of bilateral trade by 2030.
Although President Trump recently boasted that India had proposed removing all tariffs on American goods, he also asserted that he was not in a hurry to close the deal, even with the evident momentum.
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