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Lutnick hints at prospects of early trade deal with India
The Commerce Secretary clearly indicated “we would like our businesses to have reasonable access to the markets of India”.
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Lalit K Jha - Mon, 02, Jun 2025
- 22:38 EDT
- 31
U.S. Commerce Secretary Howard Lutnick. / X/@@USISPForum
U.S. Commerce Secretary Howard Lutnick has said he is confident of advancing the time limit for striking a trade deal with India, and hoped “reasonable access” for American markets to India because “we want to have the trade deficit reduced”.
Speaking at the US-India Strategic Partnership Forum summit on Jun. 3, he talked of an early deal: “These kind of deals used to take two or three years, and we try to get them done in a month, which is, you know, just not the ordinary DNA of trading relationships between countries.”
Lutnick was clear what the U.S. expected in return and why: “What I hope to achieve is we would like market access. We would like our businesses to have reasonable access to the markets of India. Now, it's not going to be everything, and it's not going to be everywhere. But we want to have the trade deficit reduced.”
He explained how the trade deal could be advantageous to India: “You can create this sort of trade deal that puts India in a unique position, because it'll have a special relationship with the United States. Certain industries will have a better tariff relationship than most other countries in the world, which means India will be the beneficiary for those who have a product.”
The secretary justified President Donald Trump’s remarks on Indian tariffs: “Now, the president is willing to call out things straight away. And India is very protectionist in talent. They have 100% tariff on this and 100% tariff on that. And if you ask them why, the answer is, I don't know why, it just is.”
While appreciating that the Indian economy is extraordinary in terms of capital and growth rate, the Commerce Secretary propped up the issue of Indian defence deaisl with Russia and how the U.S. feels about it: “But there were certain things that the Indian government did that generally broke the United States of the world. For instance, you generally buy military gear from Russia. That's a way to kind of get it up, under the skin of it.”
On the question of advanced manufacturing, he said there were opportunities for India despite the Unied States protecting its domestic economy: “I think the United States wants to bring advanced manufacturing back to the United States. That's a key industrial platform for us to bring back, domestic manufacturing. So now there are an enormous number of product categories that we are going to be delighted for India to produce.”
Lutnick’s bottom line on trade negotiations with India had a “mantra”: “If I say, look, I'll treat you incredibly kindly on the things that are really important to you, and you bring down your tariffs and give us market access, and let's find the proper place in the middle.”
He had a word about Indian entrepreneurs in the U.S.: “The success of Indian entrepreneurs in America, you know, it needs so many, you know, you are, you know, Those of Indian nationality run so many of the great companies in America because they're fantastic entrepreneurs, fantastic business people, smart, thoughtful, educated in every way.”
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