US may ease India tariffs

The US may soon scrap the penal import tariff on Indian goods and also cut reciprocal tariff to 10-15 percent from the existing 25 percent, India's Chief Economist Advisor V Anantha Nageswaran said on Thursday, reports Reuters.
"My personal confidence is that in the next couple of months, if not earlier, we will see a resolution to at least to the extra penal tariff of 25 percent," Nageswaran said at a event in Kolkata.
"It may also be the case that reciprocal tariff of 25 percent may also come down to levels, which we were earlier anticipating somewhere between 10 percent and 15 percent." India and the US held "positive" and "forward-looking" trade discussions on Tuesday, New Delhi said, raising hopes for a breakthrough.