India engaged with the U.S. on commerce deal
| Photograph Credit score: The Hindu
India has had “reassuring” current discussions with the U.S. together with on a proposed regulation that might see tariffs of 100% being imposed on India and different nations that import Russian oil in giant portions, a senior official within the authorities mentioned on the situation of anonymity.
The U.S. Senate earlier this week handed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which proposes tariffs of as much as 100% on nations that import oil from Russia in giant portions. Underneath the standards specified by the Invoice, these tariffs would apply on India and 4 different nations, if it turns into regulation.
The Invoice awaits introduction and voting within the Home of Representatives earlier than it might change into regulation.
“We’re engaged with the U.S. on the commerce deal, and have had discussions on the Russia sanctions invoice,” the official mentioned. “The conversations have been reassuring.”
India at the moment faces a ten% tariff on 55% of what it exports to the U.S., a results of a U.S. investigation into whether or not India and different nations had finished sufficient to cease the import of products made utilizing compelled labour.
A second investigation, on whether or not these nations are utilizing extra capability to export to the U.S., might see additional tariffs being levied on India. Commerce Secretary Rajesh Agrawal, nonetheless, mentioned that India is engaged with the U.S. on these issues.
“We’re engaged with the U.S. facet on the commerce deal,” Mr. Agrawal mentioned at a press convention on Thursday in response to a question from The Hindu. “Each side are dedicated to the deal that we’ve got agreed to on February 3, 2026, and for which the joint assertion was issued on February 7, 2026.”
Whereas the joint assertion mentions tariff ranges which have now change into moot because of the Supreme Courtroom’s cancellation of the U.S. reciprocal tariffs, it additionally features a line that claims the U.S. and India “commit to supply one another preferential market entry in sectors of respective curiosity on a sustained foundation”.
Printed – August 13, 2026 06:17 pm IST
