NEW DELHI: Commerce and industry minister Piyush Goyal on Friday held his second round of discussions with US commerce secretary Howard Lutnick in Washington, as India and the US look to seal bilateral trade pact by July 8. In a post on X, Goyal described the meeting as “constructive” and reiterated both sides’ commitment to a “mutually beneficial trade agreement” that will enhance opportunities for businesses and citizens alike.This was Goyal’s second meeting with Lutnick in less than a week, the first taking place on May 20, as the two sides accelerate efforts to conclude the first phase of the trade agreement. The four-day round of technical negotiations between chief negotiators from both countries wrapped up on May 22 in Washington.One of India’s key demands under the interim deal is a full exemption from a steep 26 per cent reciprocal tariff imposed by the US on Indian goods. Although the tariff was implemented on April 2, Washington suspended its enforcement for 90 days, allowing Indian exporters to continue paying only the 10 per cent baseline tariff. This window expires on July 9.India is now pressing the US to make this suspension permanent. Currently, the US administration, under legal provisions dating back to the Trump era, requires Congressional approval to reduce tariffs below the most-favoured nation (MFN) rate. However, it retains the executive authority to lift reciprocal tariffs unilaterally for countries like India.
