India and the United States are expected to reach an interim trade agreement

According to a report by Jinse Finance, Indian government sources stated that negotiators from India and the United States have made progress, focusing on market access for industrial and some agricultural products, tariff reductions, and non-tariff barriers. India and the United States are expected to reach a provisional trade agreement by the end of this month. Sources mentioned that both parties discussed increasing bilateral digital trade by improving customs and trade facilitation measures, adding that "negotiations will continue" to reach the initial phase of the trade agreement as soon as possible. Officials added that the next phase of negotiations might address more complex issues, aiming to sign the first part of the bilateral trade agreement by September or October. One of the sources stated that India rejected the U.S. request to open markets for wheat, dairy, and corn imports, while offering lower tariffs on high-value American products such as almonds, pistachios, and walnuts. India also requested the U.S. to remove the 10% benchmark tariff. However, the U.S. side opposed this, pointing out that even the UK had to comply with this provision in its recently signed bilateral trade agreement.