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India-US trade deal talks postponed after Supreme Court ruling

The important meeting to be held in Washington regarding the Interim Trade Agreement (ITA) between India and the US has been postponed for now. The news agency has quoted government sources as saying that the meeting was to be held between February 23 and 26. The main reason for this delay is the sudden change in tariff (tax) policies in the US because earlier it was decided to impose 18% tariff on India under this agreement but recent developments have changed the whole situation.

Actually, the US Supreme Court had cancelled all the old global tariffs after which President Donald Trump first announced a 10% tariff for the whole world and then increased it to 15% within 24 hours. Now that Trump's 15% global tariff is coming into effect, it is less than the 18% tariff fixed in the old deal, due to which it has become necessary to reconsider the rules of the old deal.

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