India-US trade talks hit a ‘plateau’, Sitharaman says, as Russia-oil tariff threat looms
India and the United States have hit a wall in trade negotiations, Finance Minister Nirmala Sitharaman said on October 5, describing the talks as having reached a plateau beyond which further concessions would be ‘very, very difficult’.
The room for a deal narrowed sharply after Washington passed a law permitting tariffs of up to 100% on countries buying Russian oil, with the first actions expected around October 18 — a direct bind for India, one of the largest buyers of Russian crude.
US Trade Representative Jamieson Greer has said an agreement is not imminent. With the 10% Section 301 duty still in force, Indian exporters face an anxious wait as the October 18 tariff deadline approaches.
Originally reported by BusinessWorld Online. Article compiled by the Deccan Age desk.
