India and the United States opened high-level trade talks on Tuesday aimed at salvaging and recalibrating a proposed bilateral trade agreement after changes in US tariff policy upended a framework negotiated earlier this year.
Commerce and Industry Minister Piyush Goyal met US Trade Representative Jamieson Greer here as both sides sought to conclude an interim trade pact before July 24, when Washington’s temporary 10 per cent tariff on imports from trading partners is due to expire.
The talks are focused on reworking a framework agreement announced in February that was built around tariff commitments later rendered uncertain by a US Supreme Court ruling striking down sweeping tariffs announced by US President Donald Trump.
Under the February framework, the US had agreed to reduce tariffs on Indian goods to 18 per cent, lower than duties facing several competing exporters.
However, the subsequent court ruling and Washington’s decision to impose a temporary 10 per cent tariff on imports from all countries have forced both sides to revisit key elements of the arrangement. On June 17, US President Trump had said the two countries are “very close” to finalise the trade agreement.
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