India eyes quick US trade deal amid tariff pause: Report

On Wednesday, Trump temporarily lowered duties on trading partners including India

India wants to move quickly on a trade deal with the United States, a government official said on Thursday, after President Donald Trump's stunning decision to pause hefty reciprocal tariffs on dozens of countries, while hiking levies on China.

India and the United States had agreed in February to work on the first phase of a trade deal to be wrapped up by autumn 2025, aiming to reach two-way trade worth $500 billion by 2030.

"The 90-day pause on reciprocal tariffs is a relief for Indian exporters, especially shrimp exporters," said the official, who spoke on condition of anonymity.

"India is one of the first nations to start talks over a deal with the United States and to have a jointly agreed to a deadline to conclude it."

Global export and trade dynamics will continue to hinge on trade tension between the United States and China, the official added.

India's trade ministry, which is leading the talks with the United States, did not immediately respond to an e-mail seeking comment.

On Wednesday, Trump temporarily lowered duties on trading partners including India, just 24 hours after imposing steep tariffs that unleashed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic.

To keep pressure on China, however, Trump said he would raise to 125% the tariff on imports from China. But the U.S. reciprocal tariff on India stands at 10%.