‘Very close’: India may be first to sign trade pact, says US treasury secretary Scott Bessent

US Treasury Secretary Scott Besent said that India could become the first country to attack bilateral trade deal with the United States for the “mutual” tariff of President Donald Trump.
Speaking to a group of reporters in Washington on Wednesday, Besent suggested that the conversation with India was “very close” for a success, reaching a successful conclusion as the world’s most populous nation does not have “so many high tariffs”.
Indian exports have been scheduled to face 26 percent of mutual tariffs, which are scheduled to be implemented on 8 July. Currently, they are subject to 10 percent tariffs under the current trade policy launched during the Trump administration.
“There are also low non-tariff trade obstacles in India, obviously, no currency manipulation, very, very low government subsidies, so that it is very easy to reach a deal with Indians.”
Washington DC made comments on the occasion of the annual meetings of the World Bank and International Monetary Fund, where trade tension and global economic changes have been the major topics.
President Trump has clarified that he wants foreign governments to reduce their tariffs and non-tariff sanctions on American goods and help reduce American trade deficit. India, the most populous country in the world, may be the first to secure the trade treaty that fulfills those conditions.
As a push for a deal, US vice-president JD Vance visited Jaipur on Tuesday, urged India to remove the remaining non-tariff barriers, further its markets, and increase the import of American energy and defense equipment. He called for strong economic relations as part of a vision for the “rich and peaceful” 21st century between the two democracy.
Business figures reflect the increasing importance of the relationship. The New York Post cited data from the US Census Bureau, showing that India had imported about 3 percent of American until February. In 2024, according to the office of the US Trade Representative, the US trade deficit with India was $ 45.7 billion.