New Delhi: As China announced a hike in tariffs on US goods from 84 per cent to 125 per cent, shortly after President Donald Trump ramped up duties on Chinese imports to a staggering 145 per cent, India are reportedly ‘far ahead’ vis-à-vis trade talks with the American administration.
According to Reuters, India and the United States have finalised the terms of reference for talks on the first segment of a bilateral trade agreement.
The global news agency cited a trade official as saying that a deal between India and US could be finalised within 90 days, in a potentially “win-win shape and form.”
“We are far ahead in trade talks with the US compared to other countries… there are lots of possibilities in 90 days,” the official said.
A deal is vital for India as the US is its largest trading partner, with the volume of trade between the countries being in excess of $118 billion in 2023-24.
Trump announced a 26 per cent tariff on Indian products last week, but the Narendra Modi government did not hit back with any retaliatory tariff.
Trump has announced a 90-day pause in the tariffs for certain countries, including India, so that favourable deals could be negotiated that lead to lowering of tariffs.
China hits back at Trump yet again
However, the case with China is different as the latter has vowed not to give in to Trump’s ‘bullying’ tactics. Beijing has gone toe for tow with the US in the ever-escalating trade war.
“The US imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion,” the Chinese Finance ministry said on Friday.
China reiterated that it would “resolutely take countermeasures” and fight till the end if the US insisted on continuing to infringe on China’s interests in a substantive way.
In a positive development, China made it would not retaliate any further even if the US continues to import additional tariffs on Chinese goods.
“If the US continues to impose additional tariffs on Chinese goods exported to the US, China will ignore it,” the Finance ministry said.