US Commerce Secretary Howard Lutnick has publicly stated that India is among the countries the US aims to rectify within its trade agenda, urging them to adjust their trade practices for better access to the American market. He cited high US trade levies on Indian goods and stated that these nations must “react correctly” to the US by opening markets and ceasing actions deemed harmful. Lutnick has set specific conditions, including discontinuing purchases of Russian oil and withdrawing from BRICS, or face consequences. Trade negotiations between India and the US have resumed, but the US is looking for major changes in India’s trade and geopolitical approach.
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Commerce Secretary Howard Lutnick stated that India’s trade practices with the U.S. are imbalanced, with India benefiting from U.S. markets while imposing tariffs on American goods, like corn. He highlighted the lack of reciprocal trade, citing the country’s large population that doesn’t purchase U.S. agricultural products. Lutnick emphasized President Trump’s stance on fair and reciprocal trade, warning that India must lower its tariffs to maintain a favorable business relationship with the U.S. He also noted the administration’s imposition of high tariffs on India, which the Indian government has deemed unfair.
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India is reportedly preparing to retaliate against the U.S. for its imposition of a 50% duty on Indian steel, aluminum, and their derivatives, a move stemming from a trade dispute that has escalated significantly. This retaliation, based on World Trade Organization rules, comes after the U.S. rejected India’s request for consultations regarding the tariffs, which New Delhi views as non-compliant with WTO regulations. The Indian government views the tariffs as detrimental to India’s economic interests, particularly as bilateral trade talks have stalled. The U.S. exports a significant amount of merchandise to the Indian market.
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Following the US’s decision to double tariffs on Indian goods to 50%, Prime Minister Narendra Modi asserted India’s unwavering commitment to protecting the interests of its farmers, livestock rearers, and fisherfolk. During a conference, Modi emphasized that agricultural interests are the nation’s top priority and that India would not compromise on these fronts, despite potential personal consequences. The Prime Minister’s remarks came amidst ongoing trade negotiations with the US, where agriculture and dairy have been identified as non-negotiable areas, particularly concerning the import of genetically modified crops. India’s strong response to the tariff hikes indicates its readiness to defend its national interests.
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Following an executive order by US President Trump imposing a 25% tariff on Indian imports due to continued oil trade with Russia, India’s Ministry of External Affairs (MEA) issued a strong response. The MEA condemned the tariff increase as unfair and unreasonable. In defense of its national interests, India declared it would take all necessary measures. The increase brings the total tariff on Indian goods to 50%.
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India has informed the WTO of its plan to impose retaliatory tariffs totaling nearly $724 million on the U.S. due to increased U.S. tariffs on specific Indian automobiles and parts. This move, detailed in a communication to the WTO, comes amid ongoing negotiations for a mini-trade deal between the two countries. India argues that the U.S. tariffs violate WTO agreements and reserves the right to suspend concessions equivalent to the adverse effects on Indian trade. The proposed tariff increases on selected U.S. products aim to offset the $723.75 million in duties resulting from the U.S. measures, which impact roughly $2.89 billion of Indian imports annually.
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India and the US are in the final stages of bilateral trade negotiations, facing significant hurdles in sectors like dairy, agriculture, digital, and medical services. The US is pushing for increased market access, while India seeks a more balanced agreement protecting domestic interests, leading to disagreements over tariff reductions and sanitary standards. Negotiations, currently virtual, aim to reach a deal before the July 8th deadline to avoid reinstated tariffs. Despite challenges, Indian officials remain optimistic about achieving a mutually beneficial agreement.
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John Q. Hosedrinker