US May Cut Tariff on India to 15-16% in Trade Deal: Report

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Transcript

00:00India-based Mint newspaper reporting that New Delhi and Washington may be nearing a trade deal

00:04that could cut tariffs on Indian exports from around 50% to as low as 15%.

00:10Let's bring in Bloomberg's Brendan Murray for more.

00:13The teams were obviously busy, Brendan.

00:15What kind of an agreement may they have come to given this report?

00:20Yeah, exactly.

00:21I mean, this deal has been months in the making, and it would be a significant step.

00:26The U.S. and India have tried to make a deal in various phases, three and four phases over the next six months or so.

00:36But it looks like that first phase might be coming together if we can believe this report.

00:41Now, there is a lot yet to confirm with the White House and with the official Indian government,

00:47but this would come at an interesting time because the president of the U.S. is trying to meet with China's president

00:54and do a deal of their own.

00:56So you've got a bit of gamesmanship going on, playing off India and China,

01:01obviously two competing manufacturing, exporting powerhouses.

01:05So it'll be interesting to see what they say at the White House this morning.

01:09We've seen some of these reports before, though, so we have to sort of take it when we hear confirmation or not.