US Treasury Secy says India likely to be first to sign trade deal with Washington

US Treasury Secretary Scott Bessent has said he expects India to strike the first bilateral trade deal to avoid President Donald Trump's reciprocal tariffs, according to the New York Post. A 26 per cent 'reciprocal' tariff on Indian exports to the US is currently on a 90-day pause, set to expire on July 8. However, like other countries, India is presently subject to a 10 per cent tariff under the existing policy.

According to the New York Post, Bessent told a roundtable of about a dozen reporters on Wednesday that trade talks with India are "very close" to reaching a successful conclusion because the world's most populous nation doesn't have "so many high tariffs."

"India also has fewer non-tariff trade barriers, obviously, no currency manipulation, very, very little government subsidies, so that reaching a deal with the Indians is much easier," Bessent said at the DC event on the sidelines of the annual World Bank and International Monetary Fund meetings.

President Trump has demanded that other countries break down their tariffs and non-tariff barriers to American goods, as well as eliminate US trade deficits, the New York Post said.

Earlier on Tuesday, US Vice President JD Vance in Jaipur urged India to drop non-tariff barriers, give greater access to its markets and buy more American energy and military hardware as he laid out a broader roadmap of deeper ties between the two nations for a "prosperous and peaceful" 21st century.

The New York Post quoted data from Census Bureau to say that India accounted for nearly 3 per cent of imported goods to the US as of February. The US had a USD 45.7 billion trade deficit with India in 2024, according to the Office of the US Trade Representative.