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India, US to Hold Trade Talks in New Delhi Tuesday
Representational image. Photo: Collected
India and the United States will hold trade talks in New Delhi on Tuesday, weeks after Washington imposed punitive tariffs on Indian exports, which contributed to a nine-month low in shipments in August.
Rajesh Agarwal, India’s chief trade negotiator and special secretary in the commerce ministry, said the talks will be “fast-tracked,” but gave no further details. US Trade Representative for South Asia Brendan Lynch is scheduled for a one-day visit to New Delhi on Tuesday.
India’s exports fell to $35.10 billion in August from $37.24 billion in July, while the trade deficit narrowed to $26.49 billion from $27.35 billion. Exports to the United States dropped to $6.86 billion from $8.01 billion. From April to August, shipments to the US totaled $40.39 billion.
The decline follows the US imposing an additional 25% tariff on Indian goods after New Delhi continued buying Russian oil, raising the total tariff on Indian exports to 50%, among the highest for any US trading partner. The full impact of these tariffs is expected to become more visible next month.