Bloomberg reports, citing people familiar with the matter, that India has proposed eliminating tariffs on a limited volume of steel, auto parts, and pharmaceuticals, as part of ongoing trade talks with the U.S. The proposal was made during high-level meetings in Washington late last month, as Indian officials sought to accelerate progress toward a bilateral deal, the sources said.
Sources also noted that the offer applies on a reciprocal basis and is capped by quantity. Once that limit is exceeded, regular import duties would apply.
Both countries are focusing on key industrial sectors in hopes of fast-tracking a bilateral trade deal, which they aim to finalise before the current 90-day pause on U.S. President Donald Trump’s retaliatory tariffs expires.