FX.co ★ India Seeks Partial Trade Deal with U.S. to Avert July Tariffs

India is currently engaging in discussions with the United States to establish a comprehensive three-stage trade agreement, with hopes of finalizing an interim accord ahead of July. This timing coincides with the planned implementation of President Trump's reciprocal tariffs. According to Bloomberg News, the tentative agreement aims to enhance market access for both industrial and agricultural products while also reducing non-tariff obstacles like quality control regulations. Although it remains uncertain whether the U.S. has endorsed this phased strategy, India's Commerce Minister, Piyush Goyal, is in Washington holding discussions with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to advance these negotiations. The potential for a broader second-stage agreement addressing 19 key areas is anticipated between September and November, which might align with Trump's visit to India for the Quad summit. A final, all-encompassing trade deal would necessitate approval from the U.S. Congress and could extend into the following year for completion.