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NEW DELHI: After the tariff pause, government is looking to engage with the US to speed up the trade deal while asserting that it is handling the dialogue “wisely”.
“PM Modi and President Trump had decided in Feb to sign a trade agreement that’ll make trade between India and the US easier. This will also increase trade up to $500 billion, about 2.5 times more than before. It will create more job opportunities and further strengthen the country’s economy. India was already ahead in this race, and our discussions are making good progress,” commerce and industry minister Piyush Goyal said after the US paused reciprocal tariffs for 90 days.
Most businesses are pushing the government to speed up the deal so that they are not hit hard in case Trump decides to reinstate the duties.
Government officials, however, recognise that speeding up the proposed bilateral pact is easier said than done with the discussions so far focusing on the modalities. The technical negotiations are scheduled to commence this month.
US stocks jumped the most since March 2020 and short-term Treasuries tumbled after President Donald Trump paused the highest tariffs on countries that have not retaliated, a group that excludes China.
The S&P Index jumped more than 8%. The Nasdaq Composite surged 10% The Dow Jones Industrial Average rallied almost 6%. Tesla rallied 11%, Nvidia and other major chipmakers rose at least 10%. Only four S& stocks were lower.
US stocks are on pace to post the first daily gain after Trump announced tariffs on trading partners. Stocks briefly fell into the bear market earlier this week. In response, China raised its tariff on goods imported from the US to 84%. The countermeasures are effective April 10, and follow the White House slapping a 104% tax on many Chinese imports.
“The announcement was the walk-back the market needed to see. They hit the pause button and the market rejoiced. But of course, there is no promise that we’ll manage to solve anything in 90 days. We’re certainly not out of the woods, and we may see inflation data spike if people respond to the ongoing uncertainty by deciding to go out and buy things to hoard in case there are tariffs down the road. I think what convinced the President to act was the bond market, which had begun sending signals that this was going to get steadily worse,” said Alex Morris, chief investment officer, F/M Investments.
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