Behind Closed Doors: Bessent Reveals US-India Trade Breakthrough Is Just Days Away

During a series of high-level interviews, US Treasury Secretary Scott Bessent has reaffirmed that the United States is "very close" to inking a historic trade deal with India, one of the first of the big deals under President Donald Trump's new tariff regime. In an interview with Fox News, Bessent highlighted the strength of the US-India relationship and praised India's assertive approach to trade negotiations as a driver of quick progress.

 

Key Highlights:

 

Imminent Deal: The US is set to sign a trade deal with India this week or next, and India will be among the first nations to join with the US in a new round of tariffs that go into effect on July 8.

 

Presidential Involvement: President Trump is reported to be "intimately involved" in negotiating one-off trade agreements with 15 to 18 major trading partners, and India leads the pack because it has "very good" offers to avoid tariffs.

 

Smoother Negotiations: Bessent described how India's relatively lower non-tariff barriers and low government subsidies allow for smoother negotiations to an agreement with other nations, and complimented the degree of progress made in recent negotiations.

 

Strategic Visits: Vice President JD Vance's recent visit to India and meetings with Prime Minister Modi were pointed out as having played a crucial role in speeding up the negotiations, as both countries wanted to rebalance commerce and open markets.

 

Global Context: The deal under proposal comes after the US imposed across-the-board tariffs on imports from nearly all countries, India's overtures to negotiate being a model for other Asian allies.

 

Sources: Reuters, The Economic Times, Fox Business