India has reportedly offered the US steep tariff cuts but is seeking to retain high duties on some agricultural commodities, such as food grains and dairy products, according to a report in the FT on Wednesday.
India is not the only trading partner seeking a tariff reprieve. The European Union has agreed to fast-track trade talks with the US in a bid to avoid President Trump’s 50% tariffs — which, in an about-face, he announced would be delayed until July 9.
“This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America,” Trump posted to social media on Tuesday. “They will BOTH be very happy, and successful, if they do!!!”
On Tuesday, a Bloomberg report said the EU’s trade chief, Maroš Šefčovič, will lead political negotiations and is focusing on key sectors such as semiconductors, automobiles, pharmaceuticals and aluminum to avoid tariffs, according to sources.
Šefčovič also said the EU held “good calls” with Trump administration officials on Monday after the close trading partners moved forward with negotiations amid Trump’s tariff-fueled push to rework global trade relationships.
Earlier on Monday, the EU said that the result of the weekend phone call between Trump and European Commission President Ursula von der Leyen provided “new impetus for the negotiations.” At the same time, sticking points remain.
Trump had been frustrated with the pace of negotiations, saying last week that the bloc has been “very difficult to deal with.”
