India mulling lower duties for low-volume US imports

India is considering reducing duties on certain US products that pose no significant threat to local industries under a proposed Bilateral Trade Agreement. Discussions have begun with stakeholders in sectors like auto and auto components. The government aims to protect its farm sector while evaluating the impact of US tariffs and exploring strategies to safeguard […]

Indian exports may face increased tariffs if the US imposes a reciprocal tariff hike, with farm products like shrimp and dairy being hardest hit. GTRI suggests proposing a ‘zero-for-zero’ tariff strategy to mitigate potential damage and to ensure minimal impact on India’s key export sectors.

India is set to raise import taxes on vegetable oils again within six months to assist oilseed farmers affected by plummeting domestic prices. This move may increase local oil prices, reduce demand, and lower imports of palm, soyoil, and sunflower oil.

Union Commerce & Industry Minister Piyush Goyal is optimistic about upcoming trade talks with the US, aiming for a major bilateral trade deal to bolster economic engagement. India has seen significant export growth, reaching $778.21 billion in 2023-24, with expectations to double trade with the US by 2030.

India should look at a ‘zero-for-zero’ tariff approach to counter proposed US reciprocal tariff increases, focusing on eliminating import duties on certain American products in exchange for similar concessions, GTRI said. This strategy can help avoid the potential negative impacts of a comprehensive bilateral trade agreement.

India has started preparing for its first bilateral trade agreement (BTA) talks with the US, involving sector-specific consultations. The commerce ministry aims to understand inter-ministerial interests and ensure alignment with potential tariff concessions and reciprocal tariffs, aiming to initiate detailed negotiations within ten days.

Indian refiners have cancelled orders for 70,000 metric tons of crude palm oil due to a rise in Malaysian prices and negative refining margins in India. This shift could affect Malaysian palm oil prices and support soyoil prices. Some refiners prefer soyoil imports, which are cheaper. Market speculation on increased import duty on palm oil […]

President Trump’s threat to impose reciprocal tariffs on India mirrors a complex strategy to address perceived high tariffs on US goods. The approach raises questions about compliance with WTO rules and the potential for a broader trade dispute. The US-India trade negotiations may determine the final outcome.

Trade between India and Russia via the INSTC has doubled in the past year, significantly reducing delivery times and costs. Bilateral trade reached a record USD 66 billion in 2024, with plans to achieve USD 100 billion by 2030. Pharmaceuticals are among the key sectors for further trade diversification.

The government has eased import norms for “vintage motor vehicles” by actual users. Previously limited to cars manufactured before January 1, 1950, imports are now allowed for broader vintage classifications. However, these vehicles must comply with the Motor Vehicles Act, 1988, if used on public roads.