Overview

• India and the US are progressing toward an interim trade agreement to secure tariff exemptions before the July 9 deadline.
• The proposed deal aims to fully exempt Indian goods from the 26% reciprocal tariff temporarily paused by the US.
• India seeks concessions on labor-intensive exports like textiles and gems, while the US pushes for reduced tariffs on industrial and agricultural goods.
• The agreement is part of a phased plan under 'Mission 500,' targeting $500 billion in bilateral trade by 2030.
• Final approval for the interim deal requires U.S. presidential clearance, with broader negotiations continuing into the fall.