Tariffs imposed by the U.S. on India have strained relations between the longtime allies. But Indian Commerce Minister Piyush Goyal said Tuesday he hopes to complete a trade deal with the Trump administration by November.
President Donald Trump last month issued an executive order imposing an additional 25% tariff on Indian goods, raising the total tariff rate to 50%. The tariffs seek to pressure India to lower its high tariffs. They also aim to penalize New Delhi for purchasing Russian oil as the U.S. seeks to weaken Moscow's war effort in Ukraine.
Goyal said at the annual Global Investor Conference in Mumbai, India, that geopolitical issues hindered negotiations for a trade deal between the countries, The Times of India reported.
"We've had a little bit of geopolitical issues overtaking trade issues in our negotiations with the United States of America," Goyal said. "I do hope things will get back to track soon and we'll conclude a bilateral trade agreement by fall — November or so, as was discussed by our two leaders in February."
At another industry event Tuesday, Goyal said India and the U.S. are in "dialogue" for a bilateral trade agreement.
No new round of talks has been announced by either side after U.S. negotiators postponed their Aug. 25 visit to New Delhi, The Indian Express reported. Indian officials have also said that the removal of 25% additional tariffs is key to resuming negotiations for a trade deal with the U.S.
"We recognize that there is tremendous global turbulence, and we are living in volatile, uncertain times, full of trepidations about the future," Goyal said.
India, he said, is working to further strengthen its economy.
Goyal also said India's free-trade agreements with Oman, Chile, Peru, and the European Union were in an advanced stage, reported The Tribune.
Goyal's remarks came after Indian Prime Minister Narendra Modi was criticized for huddling with Russian President Vladimir Putin and Chinese President Xi Jinping during the Shanghai Cooperation Organization summit that ended Monday.
Kurt Volker, the U.S. ambassador to NATO in the George W. Bush administration, told Newsmax on Monday that the most troubling aspect of the Shanghai summit was Modi's presence. He said India should be developing a much closer relationship with the U.S.
"But unfortunately, because of tariffs and other things, we have actually pushed India away in the past few months," Volker said. "We need to recover that relationship."
Michael Katz ✉
Michael Katz is a Newsmax reporter with more than 30 years of experience reporting and editing on news, culture, and politics.
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