New York, April 24
US Treasury Secretary Scott Bessent expects India to strike the first trade deal with Washington because the issues are simpler, making an agreement "much easier."
He said on Wednesday that trade talks were "very close" to reaching a deal.
India has "fewer non-tariff trade barriers, obviously, no currency manipulation, very, very little government subsidies, so that reaching a deal with the Indians is much easier," he told a group of journalists at a restricted meeting in Washington on the sidelines of the Spring meetings of the International Monetary Fund and the World Bank.
The trade issues with India were mostly about high tariffs, he said, according to reports by participants in the meeting.
US Vice President J.D. Vance, who is in India and held talks with Prime Minister Narendra Modi on trade issues this week, had earlier indicated that substantial progress had been made.
Speaking in Jaipur on Tuesday, Vance said, "We're especially excited to formally announce that America and India have officially finalised the terms of reference for the trade negotiations."
"This is a vital step toward realising President (Donald) Trump and Prime Minister Modi's vision because it sets a roadmap toward a final deal between our nations. I believe there is much America and India can accomplish together."