US-India Mini-Trade Deal Awaits Final Approval

As the July 9 deadline for reciprocal US tariffs nears, India maintains that any trade agreement with the US must prioritize mutual benefit and national interests, resisting pressure to adhere to external deadlines. Commerce Minister Piyush Goyal emphasized that negotiations with the US, EU, and other countries will progress according to India's priorities, especially regarding agriculture and dairy market access. The US is pushing for broader agricultural access in India, while India seeks exemption from a proposed 26% tariff and preferential treatment for its exports. Meanwhile, the US has threatened new tariffs on EU agricultural imports and could escalate measures if agreements are not reached. Both the US-India and US-EU trade talks are reportedly close to technical completion but require final political approval. President Trump remains optimistic about reaching a lower-tariff deal with India, but the risk of retaliatory tariffs persists if the deadline passes without an agreement.