FPJ News Service mumbai

 India wants to move quickly on a trade deal with the United States, a government official said on Thursday, after President Donald Trump's decision to pause reciprocal tariffs on dozens of countries, while hiking levies on China, Reuters reported.

India and the United States agreed in February to work on the first phase of a trade deal to be concluded late this year, with a view to reaching two-way trade worth $500 billion by 2030. "India is one of the first nations to start talks over a deal with the United States and to have jointly agreed to a deadline to conclude it," said the official, who spoke on condition of anonymity because of the sensitivity of the issue. India's trade ministry, which is leading the talks with the United States, did not immediately respond to an e-mail seeking comment.

The Indian trade minister said at an event in New Delhi earlier this week that manufacturers in India and the U.S. have suffered from China's unfair trade practices over the years. India will raise scrutiny on imports to spot any potential dumping of goods, including from China, the official said. 

On Wednesday, Trump temporarily lowered duties on trading partners including India, just 24 hours after imposing tariffs that unleashed the most intense market volatility since the early days of the COVID-19 pandemic.

The decision to halt further tariffs is especially a relief for Indian shrimp exporters, the official said, citing an industry that faced a tariff disadvantage compared to competitors like Ecuador. Nearly $14 billion worth of electronics products and over $9 billion worth of gems and jewellery were also among the sectors impacted by the U.S. tariffs.

Ajay Sahai, director general at the Federation of India Export Organisations, representing more than 37,000 exporters, said the 90-day pause gives Indian negotiators time to work on concluding a bilateral trade deal with the United States.