India May Be 1st To Ink BTA, Says US

New York: US Treasury Secretary Scott Bessent has said he expects India to strike the first bilateral trade agreement (BTA) to avoid President Donald Trump’s reciprocal tariffs, according to the New York Post.

A 26 per cent ‘reciprocal’ tariff on Indian exports to the US is currently on a 90-day pause, set to expire on July 8. However, like other countries, India is presently subject to a 10 per cent tariff under the existing policy.

According to the New York Post, Bessent told a roundtable of about a dozen reporters on Wednesday that trade talks with India are very close to reaching a successful conclusion because the world’s most populous nation doesn’t have “so many high tariffs.

India also has fewer non-tariff trade barriers, obviously, no currency manipulation, very, very little government subsidies, so that reaching a deal with the Indians is much easier,” Bessent said.