The US president did not offer any details on how the deal would be different, or when it is likely to be finalized<\/p>\n
US President Donald Trump has said he expects the finalization of a \u201cmuch different kind\u201d of trade deal with India soon, boosting hopes that a breakthrough is near after months-long negotiations appear to have stalled over bilateral trade concessions.
\nEarlier this month, Indian Finance Minister Nirmala Sitharaman said the negotiations hit a \u201cplateau,\u201d making further concessions difficult for both sides.
\nIndia, which currently faces 10% tariffs on exports to the US, has sought an advantage over its competitors in South Asia in the American market. In return, Prime Minister Narendra Modi\u2019s government is willing to allow market access to US companies, apart from some sectors in which local industries could be harmed.
\n\u201cThey want to make a deal. We\u2019re going to make a deal. Pretty close, yeah\u2026 It\u2019s going to be a much different kind of a deal than we\u2019ve done,\u201d Trump told reporters at the Oval Office on Tuesday.
\nThe US president did not explain what he meant by a \u201cmuch different deal\u201d and did not provide a time frame.<\/p>\n
Read more<\/p>\n
Why Rubio is seeking India\u2019s help after coercion over Russian oil<\/p>\n
Secretary of State Marco Rubio said on Tuesday in Mumbai that a deal could be reached in weeks, adding that the countries are \u201cas close as you can be without having an executed agreement.\u201d Rubio is in India to tap the country\u2019s \u201crefining superpower\u201d status to cool global oil prices.
\nA trade deal would offer a significant boost to a host of India\u2019s export-oriented sectors, including pharmaceuticals, engineering goods, textiles, electronics, and information technology-related services, NDTV reported.
\nThe recent passage of the Russia sanctions act \u2013 which gave Trump the authority to impose up to 100% tariffs on Russia\u2019s top oil buyers, including India \u2013 frayed ties and threatened to stall the trade talks.
\nTrump, however, suspended these sanctions last week, in what was seen as a conciliatory gesture to New Delhi.<\/p>\n","protected":false},"excerpt":{"rendered":"
The US president did not offer any details on how the deal would be different, or when it is likely to be finalized US President Donald Trump has said he…<\/p>\n","protected":false},"author":1,"featured_media":40329,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-40328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t