Kolkata: If there has been one single issue that has dominated the Indian economic discourse in 2025, it has been the 50% punitive tariffs imposed by US President Donald Trump. Resolving the tariff imbroglio with the biggest economy in the world is an undeclared top priority for the Centre right now. Accordingly, two teams from India and the US will begin a three-day negotiation on the first phase of their proposed bilateral trade agreement from Wednesday, December 10.

In FY25, the US was India’s largest trading partner for the fourth consecutive year. The amount of bilateral trade was worth $131.84 billion of which exports amounted to $86.5 billion. Incidentally, the tariffs have led to a reduction in exports from India to the US even in goods on which tariffs are not applicable.

“The

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