India, US harden stance in trade talks as July deadline looms

Trade officials from India and the US have hardened their stance on some key issues as they race to conclude an interim deal before higher US tariffs take effect in July, people familiar with the matter said, Report informs via Financial Post.

Negotiators from both sides, who met in New Delhi this week, wrangled over issues including a US demand that India open up its market to genetically-modified crops, officials in New Delhi said, asking not to be identified as the discussions are private.

The US also wants India to eliminate tariffs and ease price controls on medical devices, and relax rules on data localization policy, which mandates storage of data on local servers, the people said.

New Delhi is pushing for the US to exempt India from existing sectoral tariffs on steel and automobiles, and threatened reciprocal tariffs that are scheduled to kick in on July 9, the people said. India also wants to be exempted from proposed duties on pharmaceuticals, they said.