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A results of probe on “excess capacity” is pending on India and 15 other countries.
India and US trade deal can be finalised only after US Section 301 probe comes to an end, a government official said, adding that New Delhi has sought assurance from Washington opens no further probes on the county after the trade deal is signed.
Commerce Minister Piyush Goyal last week said that India and the US will sign the “first tranche” of the bilateral trade deal by mid-July. The US has already proposed new Section 301 tariffs on 60 countries, which are expected to come into effect after July 7. Washington has set 12.5% tariffs on 54 countries, including India, China and 10% of six countries, such as Pakistan and the EU.
A results of probe on “excess capacity” is pending on India and 15 other countries. The outcome is expected in the coming weeks. And the Indian concession under the trade deal would be in exchange of the cumulative tariffs set as a result of the two probes.
However, under the Section 301 of the US Trade Act 1974, the US can announce other kind of restrictions beyond tariffs. Non tariff barriers can also restrict Indian exports to the US and signing a deal could mean giving up more control of sovereign trade policies to the US.
But the absence of the deal could accelerate the weakening of the domestic currency and flight of foreign capital that had begun since late last year.
The war in the Gulf region and higher oil prices have further weakened India’s macroeconomic conditions. More tariffs could add to India’s fiscal worries. The US team had come to India from June 2-4 for finalisation of the deal and US Trade Representative Jamieson Greer is expected to reach India later this month.
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