India and the United States will hold trade talks in New Delhi on Tuesday, weeks after US President Donald Trump imposed punitive tariffs on the South Asian nation’s exports, slowing its overall shipments to a nine-month low in August.
India and the US will “fast-track” trade talks, Rajesh Agarwal, India’s chief negotiator and a special secretary in its commerce ministry, told reporters at an event for the release of trade data, but gave no details.
“US Trade Representative for South Asia Brendan Lynch is set to make a one-day visit to New Delhi on Tuesday,” Agarwal said.
India’s exports slowed to $35.10 billion in August from $37.24bn in July, and its trade gap narrowed to $26.49bn, from $27.35bn in July.
The US imposed an additional 25 per cent tariff on Indian goods over New Delhi’s continued purchases of Russian oil starting August 27, taking the total on Indian exports to 50 per cent, among the highest for any US trading partner.
Exports to the United States fell to $6.86bn in August from $8.01bn in July. New Delhi’s shipments to Washington in the period from April to August stood at $40.39bn. The full impact of higher tariffs from the United States on Indian goods imports will be felt next month.
