India and US trade talks face roadblocks ahead of tariff deadline – Reuters | Forexlive

Reuters is reporting that “trade talks between India and the U.S. have hit a roadblock over disagreements on import duties for auto components, steel and farm goods”.

Recall that India was seen as the most likely country that the US would have reached a deal with. Well, things haven’t gone as expected at all. It looks like India is pushing for a rollback of the 26% reciprocal tariff (it’s 10% for now until the July 9th deadline) and concessions on steel and auto parts.

I still think we will see a 10% tariff rate for everyone as that’s likely the floor. We will probably see concessions on other matters though. The deadline itself is just symbolic as US officials have already said that the deadline will be extended.

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