Gold bars to be exempt from tariffs, White House clarifies
Investing.com -- In recent trade negotiations with the US, India has proposed zero tariffs on specific imports such as steel, auto components, and pharmaceuticals, up to a certain quantity, according to a report from Bloomberg, citing sources close to the matter. The regular level of duties would be applied to imported industrial goods beyond this threshold.
These proposals were made during a visit to Washington by Indian trade officials in late last month, with the aim to hasten negotiations on a bilateral trade deal expected by fall this year. The two countries are focusing on certain sectors to finalize an early trade deal before the end of the 90-day pause on US President Donald Trump’s reciprocal tariffs.
Washington has also requested India to address concerns regarding Quality Control Orders, considered a non-tariff trade barrier for US exports. These mandatory quality standards, which set benchmarks for both local and foreign manufacturers to meet before selling their goods in India, have been criticized for being non-transparent and unfair.
In response, India has shown willingness to reconsider its existing QCOs in sectors such as medical devices and chemicals. It has also proposed signing a mutual recognition agreement with the US, under which both nations would accept each other’s regulatory standards and practices.
It remains unclear whether these proposals will be included in the final deal.