India likely to be among first countries to finalise trade deal to avert tariffs: US

India is likely to be among the first countries to finalise a bilateral trade agreement with the United States in a bid to avert reciprocal tariffs announced by President Donald Trump earlier this month, US Treasury Secretary Scott Bessent has said.

Bessent made the remarks during an interview with CNBC's Squawk Box on Monday, where he discussed the progress of trade negotiations between the US and its global partners.

"Negotiations with our Asian trading partners are going very well. Vice President (JD) Vance was in India last week and talked about substantial progress. I have mentioned that the negotiations with the Republic of Korea have gone very well. And I think we've had some very substantial negotiations with our Japanese allies," Bessent said.

Trump had announced sweeping 10% reciprocal tariffs along with additional duties on several countries, including India and China, on April 2. However, the additional tariffs were temporarily suspended for 90 days following requests from about 75 countries seeking trade deals with the US. The suspension does not apply to China and Hong Kong.

"We’ve had many countries come forward and present some very good proposals, and we’re evaluating those," Bessent said, adding that India could be one of the first countries to sign a trade deal as part of ongoing negotiations with 15 to 18 important trading partners.

"I would guess that India would be one of the first trade deals we would sign. So watch this space," he added.

Meanwhile, the Ministry of Commerce and Industry confirmed positive progress during in-person discussions with the US in Washington, D.C. from April 23 to 25.

An Indian delegation led by Additional Secretary Rajesh Agrawal from the Department of Commerce held extensive discussions with US Trade Representative (USTR) officials, building on earlier rounds of talks in March and virtually.

The talks focused on a wide range of tariff and non-tariff issues, with both countries aiming to finalise the first tranche of a multi-sector Bilateral Trade Agreement (BTA) by Fall 2025. Officials from both sides also explored the possibility of reaching early mutual wins within the 90-day window created by Trump’s temporary suspension of additional tariffs.

“During the meetings in Washington, D.C., the team had fruitful discussions on wide-ranging subjects covering tariff and non-tariff matters,” the Ministry of Commerce said in a statement. “The team discussed the pathway for concluding the first tranche of the mutually beneficial, multi-sector Bilateral Trade Agreement by Fall of 2025, including through opportunities for early mutual wins.”