India may be first to strike bilateral trade deal with US, Bessent says

Bilateral trade talks with India are “very close” to conclusion, The New York Post reported, citing US treasury secretary Scott Bessent on Wednesday, with the South Asian country all set to become the first country to strike an agreement with US.

India is likely to be the first such country to strike a deal with the US to avoid President Donald Trump’s reciprocal tariffs because the world’s most populous nation doesn’t have “so many high tariffs,” Bessent told a roundtable of about a dozen journalists, along with finance minister Nirmala Sitharaman on the sidelines of the annual World Bank and International Monetary Fund meetings in Washington, DC.

The additional 26% tariff on Indian exports that US President Donald Trump imposed has been temporarily suspended for 90 days, until 9 July. However, like other countries, India is currently subject to a 10% tariff as per the existing policy.

On Tuesday, US vice-president J.D. Vance appealed to India to drop non-tariff barriers, give greater access to its markets, and buy more American energy and military hardware.

Vance hoped both countries would have a “prosperous and peaceful” 21st century.