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India, U.S. Set Tuesday Trade Talks in New Delhi After U.S. Tariff Hike

Washington's tariff rate on many Indian goods has climbed to about 50% after an Aug. 27 increase tied to Russian oil purchases.

Overview

  • U.S. trade representative for South Asia Brendan Lynch will make a one-day visit to New Delhi on Tuesday for the talks, Indian officials said.
  • India's chief negotiator Rajesh Agarwal said the two sides will fast-track discussions, without providing detail.
  • President Donald Trump last month added a 25% levy linked to India's purchases of Russian oil, lifting combined duties on many goods to roughly 50%.
  • India's exports fell to $35.10 billion in August from $37.24 billion in July, with U.S.-bound shipments down to $6.86 billion from $8.01 billion.
  • Reuters reported that the fuller impact of the late-August tariff increase is expected to show up in trade data next month.