US and India Are Reportedly Set to Sign a Trade Agreement Within the Next 7 to 10 Days

By the deal, the US could partially exempt Indian goods from the 26% reciprocal tariffs. Also, Indian imports may see a 10% tariff, with zero duties on select product lines.

The United States and India are reportedly set to sign a trade agreement within the next 7 to 10 days, according to Benzinga.

If this deal goes through, it will benefit the Indian economy, and companies may shift production to the country.

This potential trade deal between the US and India comes amid expectations of a sustained Bitcoin (BTC USD) rally.

The US-India Trade Concessions

CNBC-TV18 brought the market’s attention to the possible trade deal between the US and India.

Per the deal, the US could partially exempt Indian goods from the 26% reciprocal tariffs.

Also, Indian imports may see a 10% tariff, with zero duties on select product lines.

The undisclosed sources further noted that Apple’s manufacturing operations in India may be exempted from Donald Trump’s proposed 25% tariff on Apple phones.

Although the deal is not yet confirmed, it could ease tensions, boost India-US ties soon, and strengthen Apple’s Indian presence.

The reports have sparked mixed reactions within the online community. Some have welcomed the deal and even hailed India for making the first move to take business from China.

Others, however, argued that India may not agree to the deal as it leaves significant tariffs on their exports.

For a little backstory, the trade war escalated when President Donald Trump raised US tariffs on Chinese imports from 54% to 145% in April.

In retaliation, tariffs on US goods increased from 84% to 125%. The high tariffs disrupted global supply chains.

After negotiations in Geneva on May 14, the US and China agreed to a 90-day pause.

This move also saw Trump announce a 50% tariff on all goods from France, Germany, Spain, Britain, and Canada in response to the taxes that each country imposed on US digital services.

The presidential candidate further threatened to impose a 25% tariff on Apple products assembled in China if the Chinese government didn't agree to reduce the 75% tariff on American products.

Trump’s administration imposed a 25% tariff on $50 billion worth of Chinese goods in July 2018. China retaliated with a 20% tariff on $60 billion worth of US products.

The trade war began in 2017 when Trump imposed a 25% tariff on solar panels and 20% tariff on washing machines.

The presidential candidate stated that the tariffs were necessary to protect American jobs and promote economic fairness.

The trade war had a significant impact on the global economy, leading to market volatility and uncertainty.

The tariffs also sparked protests from businesses and consumers who were affected by the price increases.

After months of tension, the US and China reached a partial trade deal in December 2019.

As part of the agreement, China committed to increasing its purchases of American goods and services by at least $200 billion over two years.

The two countries also agreed to start new trade talks and to cooperate on issues such as intellectual property and financial services.

The trade war had a major impact on the global economy, leading to market volatility and uncertainty.

The tariffs also sparked protests from businesses and consumers who were affected by the price increases.

Despite the challenges, the two countries eventually reached a partial trade deal in December 2019.

As part of the agreement, China committed to increasing its purchases of American goods and services by at least $200 billion over two years.

The two countries also agreed to start new trade talks and to cooperate on issues such as intellectual property and financial services.