David Lawder and Neha Dasgupta for Reuters:
The United States and India are racing to negotiate a limited trade deal that U.S. President Donald Trump and Indian Prime Minister Narendra Modi can sign at the United Nations General Assembly in New York at the end of September, people familiar with the talks said…
Trump is also expected to sign a deal with Japanese Prime Minister Shinzo Abe next week that lowers Japanese farm tariffs. The deal under discussion with India would lower some tariffs on U.S. produce and restore preferential treatment for some Indian exports to the United States, the sources said.
Trump and Modi [met] this Sunday in Houston at an Indian-American rally dubbed “Howdy Modi!” in a 50,000-seat stadium — a sign of their warming relations, which are contributing to expectations for a “mini-deal.”
The portion of the event featuring U.S. President Donald Trump and Indian Prime Minister Narendra Modi begins at 2:44:02:
Modi, like Trump, has used tariffs to try to boost investment in manufacturing, a key part of his “Make-In-India” campaign to attract foreign cash and create factory jobs for millions of youth entering the workforce.
Apple Inc supplier Foxconn recently expanded production of iPhones in India to avoid a 20% import tariff and diversify its supply chain from China.
Bilateral U.S. trade with India, at $142 billion last year, is just a fraction of the $737 billion in U.S.-China trade.
MacDailyNews Take: Hopefully, the U.S. and India negotiators can arrive at some reasonable solutions that benefit both countries.