The current negotiations for the proposed bilateral trade agreement are likely to be currently postponed to another date, the report said it would ward off hopes that would shatter some hopes of relief before the August 27 deadline for additional tariffs on Indian goods.
Earlier this month, US President Donald Trump imposed an additional 25% tariff on Indian goods, citing continued imports of Russian oil in a move that has escalated tensions between the two countries.
The new import tax, which will take effect from August 27th, will increase the obligation to the highest collected Indian exports from US trading partners to 50%.
Trade talks between New Delhi and Washington collapsed after five rounds of negotiations over a disagreement that would open India’s vast farms and dairy sectors and halt Russian oil purchases.
India’s Foreign Ministry says the country is unfairly elected to buy Russian oil while the US and the European Union continue to buy goods from Russia.
rhm/