India Seeks Preferential US Tariffs in Advancing Trade Deal

India is optimistic about securing preferential tariffs from the United States that are more favorable than those given to its economic rivals, according to India's Commerce Minister Piyush Goyal, who highlighted the progress in trade negotiations aimed at reaching a $500 billion bilateral trade target by 2030. NITI Aayog Vice Chairman Suman Bery emphasized that a US trade deal offering lower tariffs on labor-intensive Indian products would provide a significant competitive advantage, especially compared to tariffs imposed on countries like Vietnam, the Philippines, and Indonesia. Bery noted that while India might need to make concessions, obtaining lower tariffs would be crucial and beneficial, particularly since India's economy is less trade-intensive than many Asian peers. The trade talks are proceeding with urgency ahead of US President Donald Trump's August 1 deadline, reflecting strong mutual interest in forging a robust deal. Both Indian officials and business leaders expressed confidence in negotiating from a position of strength, underscoring the special US-India relationship and the future economic potential of India. The expected preferential tariffs would help Indian exports gain a stronger foothold in the US market amid a complex global tariff landscape.