US Says Trade Deal Announcement With India Soon, 'Very Good Progress' Made During Vance's Visit

US Treasury Secretary Scott Bessent said that trade deal negotiations with India are "moving well" and that announcement regarding an agreement will be made soon.

US Treasury Secretary Scott Bessent said that trade deal negotiations with India are moving well and that announcement regarding an agreement will be made soon.

Source : X@SecScottBessent

United States Treasury Secretary Scott Bessent on Tuesday said that US is "very close" on a trade deal with India, adding that it is much easier to negotiate with New Delhi due to its high tariffs. He also said that the trade negotiations with India are "moving well" and that non-tariff barriers can be "much more insidious" than tariff barriers.

"We are very close on India and it is easier to negotiate with India than many other countries because they have very high tariffs...So it is much easier to confront the direct tariffs as we go through these unfair trade deals that have been put in over decades that the non-tariff trade barriers can be much more insidious and also harder to detect," Bessent said while addressing a press briefing in the White House.

"So, a country like India, which has posted and ready tariffs, makes it much easier to negotiate with them. So I think the Indian negotiations are moving well," he added.

Vance, PM Modi Made 'Some Very Good Progress'

Bessent also referred to US Vice President JD Vance's India visit, saying that India and US made "some very good progress" regarding the trade deal.

Vance, who was in India from April 21 to 24 on an official visit, had met Prime Minister Narendra Modi. Following their meeting, a statement issued by the Office of the Vice President noted that progress was made in the negotiations for a US-India Bilateral Trade Agreement (BTA). Vance had announced the finalisation of the Terms of Reference for the negotiations, which will further lay down a roadmap for discussions on shared economic priorities.

"I'm glad you brought up our Asian trading partners and allies. They have been the most forthcoming in terms of doing the deals. As I mentioned, Vice President Vance was in India last week. I think that he and (Prime Minister Narendra) Modi made some very good progress. So I could see some announcements on India,” Bessent told reporters at the White House.

He added that US can also see the contours of a deal with South Korea coming together, and substantial talks with Japan.

Vance, during an event in Jaipur, had shared how India and US were working on a trade agreement on "shared priorities," and how his talks with PM Modi on trade creating  new jobs, building supply chains, and achieving prosperity for workers had made progress.

India had also said on Tuesday that the meetings for negotiation of BTA with US were marking "positive progress," calling the discussions "fruitful".

On April 2, US President Donald Trump announced sweeping reciprocal tariffs on several countries, including India and China. However, on April 9, he suspended the tariffs for 90 days until July 9 this year, as about 75 countries approached America for trade deals. US did not suspend tariffs on China and Hong Kong.