Historic Trade Agreement Between The US And India Soon : Kevin Hassett

New Delhi, May 27 National Economic Council Director Kevin Hassett stated Tuesday that India is very close to signing a historic trade agreement with the United States.

Hassett’s remarks coincided with the Donald Trump administration’s indication that it is willing to reduce tariffs to 10% or less for countries that present strong trade offers.

The US-India trade and tariff agreement is “nearing the finish line,” White House economic advisor Hassett told CNBC.

Additionally, he stated that the Trump administration does not wish to use tariffs to “hurt Apple.” He was cited as adding, “We do not want to harm Apple, but we will see what happens in the end and what the upgrade is.”

During discussions with US Commerce Secretary Howard Lutnick regarding the first tranche of the Bilateral Trade pact (BTA), Union Commerce and Industry Minister Piyush Goyal stated last week that India and the US have made headway in reaching a mutually beneficial trade pact.

Given its growth and demographic prospects, India makes a strong argument to the US for a bilateral trade agreement. The two countries are “dedicated to improving prospects for our businesses and people,” according to the union minister.

Since the pact’s terms of reference have already been finalized, India and the US are attempting to sign the first tranche of the BTA in order to lower tariffs by the mutually agreed-upon deadline of the fall of 2025.