India weighs natural gas tariff cuts in rush to – Business News
India has provided the US tariff cuts on farm imports and is contemplating additional cuts on liquefied natural gas because it rushes to secure a commerce deal with President Trump in time to keep away from his hefty reciprocal taxes, in accordance to stories.
China, Canada and the European Union have appeared unwilling to negotiate on the Trump administration’s proposed tariffs – a 20% levy on China, 25% taxes on Canada and reciprocal tariffs coming April 2.
But India has been an energetic participant on the negotiating desk, indicating it’s open to slashing tariffs on more than half of US imports value $23 billion, Reuters reported earlier this week.
During Prime Minister Narendra Modi’s go to to the US final month, India vowed to ramp up its US vitality imports. AP
During conferences in New Delhi with Brendan Lynch, assistant US commerce consultant for South and Central Asia, India agreed to decrease tariffs on farm merchandise like almonds, walnuts, cranberries, pistachios and lentils, a source conversant in the talks advised Reuters.
The South Asian nation can also be contemplating a pitch to scrap its import tax on US LNG to help cut the commerce surplus with Washington, in accordance to authorities and industry sources.
Government representatives are anticipated to end commerce negotiations late on Friday, in accordance to the report.
The White House and a consultant for India’s authorities didn’t instantly reply to The Post’s requests for remark.
Talks are “progressing well” and the bilateral commerce pact will benefit each nations, Indian Trade Minister Piyush Goyal mentioned on Thursday.
India has already lowered its duties on bourbon whiskey to 100% from 150% final month.
India has agreed to decrease tariffs on farm merchandise like almonds, walnuts, cranberries, pistachios and lentils, in accordance to a report. Getty Images
Now, the US is hoping it’ll comply with go well with by slashing tariffs on cranberries, almonds and walnuts, which vary from 30% to 100%. Its levy on lentils is about 10%.
But India continues to be dealing with resistance at home when it comes to decreasing tariffs on essential dairy, rice, wheat and maize imports, sources mentioned.
US agriculture exports to India totaled almost $2 billion in 2024, together with $452 million in alcoholic drinks and $1.3 billion in fruits and greens.
Meanwhile, India’s exports to the US totaled round $5.5 billion.
India has been speeding to attain a commerce deal forward of President Trump’s hefty import tariffs on April 2. AP
India can also be weighing whether or not to scrap its import tax on US LNG.
The US is already India’s second-largest provider of LNG, and the South Asian nation has been trying to additional ramp up imports.
During Prime Minister Narendra Modi’s go to to the US final month, India vowed to increase its US vitality imports by $10 billion to $25 billion in the close to future.
The US and India agreed to goal $500 billion in bilateral commerce by 2030.
By axing the tax, India would slim down its commerce surplus with the US, a authorities source advised Reuters.
With Post wires
