US, India start fresh trade talks seeking elusive deal
Summary
US and Indian trade negotiators have started talks aiming to reach a deal amid huge tariffs imposed by the US over India's Russian oil imports amid geopolitical tensions. The discussions tackle trade deficits, tariffs, and export declines with focus on labor-intensive sectors.
Key Points
- US and Indian negotiators began two days of trade talks seeking a deal amid 50 percent US tariffs on Indian goods.
- The tariffs were imposed due to India's discounted Russian oil imports, which the US claims fund Moscow's war in Ukraine.
- India faces export declines especially in labour-heavy sectors, impacting economic growth and job creation aspirations under PM Modi.
- Recent smaller deals and energy supply commitments could improve relations and potentially ease tensions over Russia oil dependence.
