US, India to work toward finalising Interim Agreement with view to concluding BTA: White House fact
New York/Washington (PTI): In the coming weeks, the US and India will work toward finalising the interim agreement on trade with a view to concluding a mutually beneficial Bilateral Trade Agreement, the White House has said.
The two countries will also continue negotiations to address remaining issues, including services and investment, labour and government procurement, it said.
Days after India and the US announced in a joint statement the framework for an Interim Agreement regarding reciprocal and mutually beneficial trade, the White House issued a fact sheet on ‘The United States and India Announce Historic Trade Deal (Interim Agreement).’
The fact sheet highlights key terms of the agreement, including that India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products.
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This includes dried distillers’ grains, red sorghum, tree nuts,and fresh and processed fruit. certain pulses, soybean oil, wine and spirits, and additional products and India has committed to buy more American products and purchase over USD 500 billion of US energy, information and communication technology, agricultural, coal, and other products.
On the ‘Prosperous Path Forward’, the fact sheet said that US President Donald Trump continues to advance the interests of the American people, enhancing market access for American exporters and lowering tariff and non-tariff barriers to protect our economic and national security.
“India has maintained some of the highest tariffs on the United States of any major world economy, with tariffs as high as an average of 37 per cent for agricultural goods and more than 100 per cent on certain autos. India also has a history of imposing highly protectionist non-tariff barriers that have banned and prohibited many US exports to India,” the fact sheet said.
“In the coming weeks, the United States and India will promptly implement this framework and work toward finalising the Interim Agreement with a view to concluding a mutually beneficial BTA to lock in benefits for American workers and businesses,” it said.
The announcement provides a “tangible path forward” with India that underscores the President’s dedication to realising balanced, reciprocal trade with an important trading partner.
Further, it added that in line with the roadmap set out in the terms of reference for the BTA, the United States and India will “continue negotiations to address the remaining tariff barriers, additional non-tariff barriers, technical barriers to trade, customs and trade facilitation, good regulatory practices, trade remedies, services and investment, intellectual property, labour, environment, government procurement, and trade-distorting or unfair practices of state-owned enterprises.”
It said India will address non-tariff barriers that affect bilateral trade in priority areas.
The United States and India will negotiate rules of origin that ensure that the agreed benefits accrue predominantly to the United States and India.
India will remove its digital services taxes and committed to negotiate a robust set of bilateral digital trade rules that address discriminatory or burdensome practices and other barriers to digital trade, including rules that prohibit the imposition of customs duties on electronic transmissions.
The United States and India committed to strengthening economic security alignment to enhance supply chain resilience and innovation through complementary actions to address non-market policies of third parties as well as cooperating on inbound and outbound investment reviews and export controls, it said adding that the two countries will significantly increase bilateral trade in technology products and expand joint technology cooperation.
It noted that last Friday, Trump announced the trade deal with India that will open up the country’s market of over 1.4 billion people to American products.
The joint statement follows a call between Trump and Prime Minister Narendra Modi last week, “in which the leaders reached a framework for an Interim Agreement on reciprocal trade and reaffirmed their commitment to broader US-India Bilateral Trade Agreement (BTA) negotiations.”
It noted that Trump agreed to remove the additional 25% tariff on imports from India in "recognition of India’s commitment to stop purchasing” Russian oil. Accordingly, the President signed an Executive Order last Friday removing that additional 25% tariff.
“Given India’s willingness to align with the United States to confront systemic imbalances in the bilateral trade relationship and shared national security challenges, the United States will lower the Reciprocal Tariff on India from 25% to 18%.
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US lawmakers seek clarity over financial burden, human cost, endgame in Iran conflict
Washington: Tensions rose at the US Capitol on Tuesday as lawmakers sought clearer answers from the Trump administration on the objectives, duration and costs of the ongoing military campaign against Iran, even as preparations advanced for votes aimed at curbing the president’s war powers.
Senior officials, including Secretary of State Marco Rubio, briefed members of the House and Senate for a second consecutive day behind closed doors, as reported by the Associated Press. The sessions came ahead of votes on war powers resolutions that would limit President Donald Trump’s authority to continue joint US-Israel operations without congressional approval.
Rubio told reporters that the president acted to prevent Iran from striking first. He rejected suggestions that Washington moved only because Israel was poised to launch its own offensive, saying instead that Trump believed the weekend presented a rare opportunity to act with maximum impact. “There is no way in the world that this terroristic regime was going to get nuclear weapons, not under Donald Trump’s watch,” Rubio said.
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The conflict has widened following US and Israeli airstrikes on February 28 that killed Iran’s Supreme Leader, Ayatollah Ali Khamenei. Iran has since launched missile attacks targeting US military bases in the region. At least six American service personnel have died so far.
The administration has indicated that supplemental funding may be required to sustain operations. It added that the concerns among lawmakers about the financial burden and potential for a prolonged engagement has disrupted legislative business, sharpening political divisions at the start of a competitive midterm election cycle.
Associated Press cited Senate Democratic Leader Chuck Schumer’s concerns about what he described as possible “mission creep.” Senator Angus King questioned whether the United States had been drawn into war at Israel’s urging, while Senator Elizabeth Warren asked how the campaign aligned with Trump’s “America First” pledge to avoid extended foreign conflicts.
Defence official Elbridge Colby told senators the president had directed the military to degrade Iran’s missile capabilities and prevent it from acquiring nuclear weapons, stressing that the objective was not nation-building. Trump, speaking separately from the Oval Office, dismissed claims that Israel had forced his decision and suggested the conflict could continue if necessary. He has not ruled out deploying US ground troops.
Senator Richard Blumenthal was quoted by Associated Press as saying that he feared the possibility of American boots on the ground while Republican Senator Markwayne Mullin defended the operation, saying the president had acted decisively.
Uncertainty over Iran’s future leadership has added to concerns, with questions mounting about who might succeed Khamenei as Trump rejected the idea of backing Reza Pahlavi, the exiled crown prince of Iran’s former monarchy. Senate Majority Leader John Thune said the future of Iran should be determined by its people and House Speaker Mike Johnson said the United States would not engage in nation-building.
Lawmakers from both parties also reported a surge in calls from constituents seeking assistance for Americans attempting to leave the region as hostilities intensify.
The US Constitution grants Congress the right to declare war, however presidents have routinely begun military activities without formal declarations. Both houses are anticipated to vote on proposals that would require explicit congressional approval to continue operations. Some members have also argued that if constraints are not imposed, Congress should consider issuing an Authorization for the Use of Military Force to put lawmakers on the record.
Associated Press quoted House Democratic Leader Hakeem Jeffries questioning the rationale for the campaign and saying there would be strong support among Democrats for the resolution. Johnson, however, warned that restricting the president during active combat could pose risks.
