India-US trade deal hampered by dairy, agriculture

• The July 9 deadline for reimposition of U.S. reciprocal tariffs is approaching, but an agreement on agriculture and dairy remains elusive.

• Agriculture and dairy sectors, particularly dairy, are sensitive sectors, making India cautious.

• Despite the government’s desire to conclude a deal before July 9, tariffs will return to April 2 levels if the deadline is missed.

• India is the only country negotiating extensively for a trade deal with the U.S.

• The government is exploring what can be included and excluded in a “mini deal.”

• The next round of in-person meeting will discuss both the mini deal and the first tranche of the Bilateral Trade Deal (BTA).

• The Indian government is increasing vigilance over Iran’s actions, citing potential increased costs and increased time for shipment.