Treasury Secretary Scott Bessent announced that India is likely to be the first country to finalize a bilateral trade deal to circumvent President Trump's proposed tariffs. He highlighted India's relatively low tariffs and few non-tariff barriers as reasons for optimism. Vice President JD Vance and Indian Prime Minister Narendra Modi have initiated trade talks to prevent a looming 26% tariff. Meanwhile, Bessent noted that trade talks with China have stalled, with both sides acknowledging that the unsustainable 145% tariff rates on imports cannot continue.
"India is much easier to reach a trade deal with due to fewer high tariffs, no currency manipulation, and very little government subsidies."
"Chinese trade negotiations are not progressing, with current 145% tariff rates considered unsustainable for both sides."
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