India offers the US zero-for-zero tariffs on auto parts and steel | Forexlive

All last week there were reports that the US was close to a deal with India on tariffs and trade.

Now, Bloomberg is reporting that India offered the USA rates of 0% of auto parts and steel so long as the US did the same. If the US takes that deal it would be very good news for everyone but it’s hard to imagine they well. How is the US going to put 25% tariffs on Canadian steel but not on India? Or maybe everyone who makes a deal ends up with zero tariffs.

At this point, we will just have to wait for a deal and look at the details. Obviously, there are plenty of recent bets placed on a low-tariff world returning so we will see.