TRUMP’S HINT of concessions on reciprocal tariffs raises investor and industry hopes for a less disruptive US tariff regime. India has also expressed willingness to slash tariffs on a range of US products.
As US President Donald Trump hinted at a softening of stance on reciprocal tariffs, stating that a “lot of countries” would be given a break on April 2, officials in the Commerce Ministry began bracing for US demands for increased market access, primarily in automobiles, whisky and some agricultural products.
While uncertainty over the White House trade policy continues — especially as Trump said he would impose tariffs on automobiles before the April 2 reciprocal tariffs — the possibility of concessions to certain countries lifted market sentiment globally, including in India, Tuesday.
Formal talks, initially expected to begin Tuesday, were deferred to Wednesday, with the Ministry engaged in drafting “terms of reference” (ToR) based on input from all ministries, a government official told The Indian Express. In trade parlance, the ToR is a document that outlines the scope, objectives of the negotiations.
