'Saving a big trade deal with India for later': Donald Trump
By MYBRANDBOOK
US President Donald Trump on Tuesday said that, "Well, we can have a trade deal with India, but I’m really saving the big deal for later on”. With this Trump cast doubts over an anticipated trade deal with India.
Trump last year kicked India out of a program for developing countries that gave some Indian exports tariff-free access to the US market. Officials from both sides since then have been trying to hammer out a modest agreement, which would open up India to American exports of agricultural products and medical devices in return for a restoration of India’s preferential status.
Trump confirmed on Tuesday when he told reporters that he still wanted to do “a very big trade deal with India," but added “I don’t know if it will be done before the election."
“We’re not treated very well by India, but I happen to like Prime Minister Modi a lot," he added.
The negotiations are centered on US demands which are greater access to the Indian market sought by American makers of stents and other medical devices as well as dairy farmers. These two segments have influenced Trump’s decision last year to suspend India’s privileges under the Generalized System of Preferences program for developing countries.
India has offered greater market access for American farm products ranging from alfalfa hay to pecans and dried distillers grains. It also has offered to lower the duties on large engine Harley-Davidson Inc. motorcycles, a complaint frequently cited by Trump. In return it has been seeking a restoration of its GSP privileges.
But people familiar with the discussions said that the talks had also been complicated by new tariffs introduced by both sides. India announced higher tariffs on medical devices and a range of other products in its Feb. 1 budget, angering the US side. Meanwhile, a move by the Trump administration last month to extend tariffs on steel and aluminum to downstream products annoyed Indian officials.
The limited scope of the deal that was taking shape was annoying some in the US business community because big concerns of theirs were not included in the potential agreement, including growing Indian restrictions on the flow of data, according to three people familiar with the plans.
A small deal may still come together in the coming days and could serve as a foundation for a more consequential long-term agreement. There are also likely to be consequences, however, if that doesn’t happen.
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