India-US Trade Deal Likely to Miss August 1 Deadline: More negotiations needed; no compromise on national interest, say sources

India-US Trade Deal: India and the US are not likely to seal their pact within the August 1 deadline, with talks that have been going on to go beyond the stipulated time frame, sources said, reiterating that India is unwavering in safeguarding its national interests without compromise.

As per official sources, though negotiations are ongoing, the chances of finalising the deal within the August 1 deadline seem remote. The sources pointed out that India will not make any compromises on its national interests in negotiations.

In preparation for a possible No Deal situation, India is ready to retaliate with higher tariffs on US imports, possibly between 20 per cent and 25 per cent, the sources further added.

India is also said to be willing to impose higher tariffs on American products temporarily as a sign of its readiness to protect local interests in case the talks fail to yield a mutual agreement.

Updates to follow as the story progresses