Overview
- Negotiators completed a three‑day round of talks in New Delhi from June 2–4 and Indian Commerce Minister Piyush Goyal said they aim to execute the first tranche by mid‑July.
- The Office of the U.S. Trade Representative has proposed a Section 301 surcharge of about 12.5% for India and scheduled public hearings in early July that could alter final tariff terms.
- A temporary uniform 10% U.S. duty that has been in place since February is due to expire in late July, giving both sides a near‑term incentive to finalise the interim deal.
- India has signalled large purchase commitments reported at roughly USD 500 billion over five years and is seeking preferential market access versus regional competitors.
- The talks build on a Feb. 7 framework that would cut U.S. tariffs on Indian goods to about 18% and remove a 25% punitive levy tied to Russian oil purchases, while labour‑intensive exporters face particular exposure if extra duties are added.