Commerce Minister Piyush Goyal is set to head a team of Indian negotiators to the United States from May 17 to May 20 for discussions on trade, with the objective of finalizing the initial phase of a bilateral trade agreement between the two nations. During this visit, Goyal is anticipated to engage with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to assess the possibilities of the trade deal. This four-day journey aligns with a 90-day halt on additional US tariffs imposed on Indian imports, which was announced on April 2. These tariffs, which represent an additional 26% on certain goods, are suspended until July 9, allowing both countries the opportunity to progress in their trade negotiations. Furthermore, this visit takes place in the context of China’s decision to participate in discussions with the US, where both nations have already consented to reduce reciprocal tariffs by 115 percentage points each. Should a trade agreement between the US and China be reached, it may pose a challenge to India’s status as a prominent alternative manufacturing hub. India is advocating for reductions in US duties across various labor-intensive sectors that impact employment, such as textiles, leather, gems and jewelry, chemicals, shrimp, and oilseeds. In return, the US is seeking enhanced market access for its exports, which include electric vehicles, wines, industrial goods, petrochemicals, fruits, and dairy products.
