In Trade Talks With US, India Pushes For Less Than 20 Per Cent Tariff Rate: Sources (IANS Exclusive)

(MENAFN- IANS) Washington, Sep 27 (IANS) As India and the United States agreed to continue trade negotiations, sources told IANS that New Delhi is pressing for a tariff rate below 20 per cent.

The push for tariffs below 20 per cent is viewed as vital to safeguarding India's competitiveness, given that other South and Southeast Asian nations face US tariff rates between 15–20 per cent.

Sources added that New Delhi is also pressing for the removal of the additional 25 per cent tariff on Russian oil purchases, aligning with the Trump administration's view that European nations should curb their imports as well and reiterating that India should not be singled out.

External Affairs Minister (EAM) S Jaishankar, in his speech at the G20 Foreign Ministers' meeting on the sidelines of the UN General Assembly on Thursday, highlighted“double standards” over access to energy and food supplies.

“The costs to the Global South in terms of energy, food and fertiliser security were starkly demonstrated by ongoing conflicts, particularly in Ukraine and Gaza. Apart from jeopardising supplies and logistics, access and costing themselves, these became pressure points on nations. Double standards are clearly in evidence,” he added.

Jaishankar met US Secretary of State Marco Rubio on Monday in New York. After the talks, Rubio said that India is of“critical” value to his country and welcomed the ongoing interaction in trade.

Jaishankar also posted on X, "Our conversation covered a range of bilateral and international issues of current concern. Agreed on the importance of sustained engagement to progress on priority areas".

On Friday, the Ministry of External Affairs Spokesperson Randhir Jaiswal confirmed that Commerce and Industry Minister Piyush Goyal and US Trade Representative Jamieson Greer were also part of the discussions.

“In the meeting, the External Affairs Minister and Secretary of State were joined by the Commerce and Industry Minister from our side, and the United States Trade Representative (USTR) from the American side. We also had several officials participating in that meeting. The focus of the discussion was on trade and tariffs. Other aspects of the bilateral relationship were also discussed,” said Jaiswal while addressing a weekly media briefing in New Delhi.

A statement by the Ministry of Commerce and Industry also said that the Indian delegation had“constructive meetings” with the US government on various aspects of the deal.

“Both sides exchanged views on possible contours of the deal and it was decided to continue the engagements with a view to achieve early conclusion of a mutually beneficial Trade Agreement,” it added.

A day after the meeting with Jaishankar, Rubio indicated that the Trump administration may be willing to 'fix' the additional 25 per cent tariffs imposed on India over its purchases of Russian oil.

In an interview with NBC News, Rubio spoke about the US measures to end the conflict in Ukraine and hoped its additional tariffs against India could be fixed.

“We have already seen the measures we have taken with regards to India, although that's something we hope we can fix,” he said.

Rubio blamed the European countries for not“doing enough” to end the conflict in Ukraine.

The MEA spokesperson also reiterated India's stand on the purchase of Russian energy, saying that“there cannot be any double standard in the matter” and highlighted the Trump administration's statements that called on the EU, NATO and G7 countries to stop buying Russian oil and gas.

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