India-US Trade Deal Nears Finalization, No Date Yet: Commerce Secretary

• The first tranche of the India-US trade deal, aimed at lowering reciprocal tariffs, is close to being finalized.
• Commerce Secretary Rajesh Agrawal stated that while a date cannot be committed, the deal is 'very near'.
• Negotiating teams from both countries are in continuous talks following a virtual meeting between Commerce Minister Piyush Goyal and USTR.
• The US currently imposes 50 percent reciprocal tariffs on most Indian goods, impacting exports.
• The deal is crucial as Indian exports worth $48.2 billion face elevated tariffs, with a broader goal of reaching $500 billion bilateral trade by 2030.

Why It Matters: India-US trade deal's first phase is imminent, but a timeline remains unconfirmed despite ongoing negotiations.