India on Tuesday described its latest trade talks with the U.S. as "positive" after tensions mounted late last month when President Donald Trump put 50% tariffs on Indian imports.
While the details of the talks remain unclear at this time, a statement released by the Indian embassy in Washington, D.C. said the discussions were varied and "forward-looking" as the two sides look to hash out bilateral trade.
"It was decided to intensify efforts to achieve early conclusion of a mutually beneficial trade agreement," the statement added.
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A U.S. delegation, led by Assistant U.S. Trade Representative for South and Central Asia Brendan Lynch, met with their Indian counterparts, including Chief Negotiator Rajesh Agrawal, in New Delhi.
It remains unclear if Trump’s latest tariff’s – which were implemented in late August in a move to pressure India into halting its purchase of Russian oil amid its deadly war in Ukraine – were discussed.
India has thus far not agreed to Trump’s demands amid his pressure campaign and New Delhi canceled previous trade negotiations with Washington slated for late August that coincided with when the punitive tariffs took effect.
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Though according to a Reuters report on Tuesday, the U.S. and India are now expected to hold another round of trade negotiations, which will mark the sixth round of meetings since Trump pledged his sweeping tariffs on nearly every nation across the globe and which started to take effect in April.
India has also resisted opening its farm and dairy markets to the U.S., which is a key demand in the Trump administration’s negotiations, over concerns that U.S. products could flood the market and jeopardize the livelihood of some 80 million Indian farmers and their families.
The higher tariffs are already being felt both in India and in the U.S. as exports to the U.S. fell to $6.86 billion in August, down from $8 billion in July, according trade ministry data on Monday, reported Reuters.
The impact of the severe U.S. tariffs are expected to be more fully felt in September.
