Web desk: On Tuesday, US Treasury Secretary Scott Bessent said that several major trade deals were still pending, including those with Switzerland and India.
He commented that India had been “a bit recalcitrant” in its discussions with the United States (US).
Bessent told Fox Business Network’s “Kudlow” programme that he was hopeful the Trump administration could conclude its ongoing trade talks by the end of October.
“That’s aspirational, but I think we are in a good position,” he said. Futher adding, “I think we can be; we will have agreed on substantial terms with all the substantial countries.”
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The trade tensions between the US and India have intensified. After US Treasury Secretary Scott Bessent called India ‘recalcitrant’ in ongoing trade talks.
The Trump administration is under pressure to complete major trade deals before the end of the year.
Speaking on Fox Business Network’s Kudlow program, Bessent said that several important trade deals. Including those with India and Switzerland, have not yet been completed. He acknowledged that negotiations with India are not progressing as expected.
Bessent’s remarks came at a time when President Donald Trump recently threatened to suspend trade talks with India.
Last week, when asked by an Indian journalist at the White House. Trump said that talks with India would not resume until the tariff dispute was resolved.
A few days ago, the Trump administration issued an executive order under which tariffs on Indian products have been increased from 25 per cent to 50 per cent.
The administration cited national security and foreign policy concerns, especially India’s imports of Russian oil, as the reason for this decision.
These additional tariffs will be effective within 21 days, although certain products and goods in transit have been temporarily exempted.
Indian Prime Minister Narendra Modi took a clear stance while addressing the ‘MS Swaminathan Centenary Celebrations’ in New Delhi.
He said that ‘the interests of our farmers are the most important. India will never compromise on the interests of farmers, fishermen and dairy farmers. I know that we will have to pay a heavy price for this, and I am ready for it. India is ready for this.’
Although Finance Minister Bessent expressed hope that trade agreements can be reached by October, He also acknowledged that there are challenges in the negotiations.
Given the election environment in the US and rising geopolitical tensions, experts say that a comprehensive trade agreement between the US and India currently looks difficult.
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