India-US Trade Deal Hits Roadblock; Nirmala Sitharaman Says Further Concessions Difficult

India-US trade negotiations appear to have reached a difficult stage, with Finance Minister Nirmala Sitharaman saying that the talks seem to have hit a roadblock. Speaking at a business leaders’ conference in New Delhi, she said that although consultations between the two sides are continuing, reaching further mutual concessions could prove extremely difficult. However, she indicated that there could still be scope for the negotiations to move forward if both countries explore the opportunities available.

Sitharaman also said the United States is attempting to address its trade deficit with India, but argued that tariffs are being used as a tool instead of resolving the issue through conventional negotiations. Referring to the India-EU trade agreement reached earlier this year, she described it as a successful deal and said it could create more employment opportunities in India’s micro, small and medium enterprises. Her comments on the India-US trade deal triggered volatility in the domestic equity markets, with the Sensex falling sharply from its intraday peak after having gained more than 750 points earlier in the session.