India and the US are inching closer towards a trade deal and Commerce Secretary Rajesh Agrawal on Monday said that the two countries are working on a package to address reciprocal tariffs which is near closure.

“The first tranche of the bilateral trade deal will address the reciprocal tariffs,” he told reporters on Monday, adding that it would happen sooner than later, but declined to provide a deadline for it. The trade deal would have two parts, including the more immediate package on reciprocal tariffs, while the second would be the overall trade agreement. Advertisement

Sources further said that the trade deal on reciprocal tariffs would address the full 50% tariffs on India by the US, including the 25% penal tariffs for purchase of Russian crude oil. For the US, it would address ma

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