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www.newsindiatimes.com – that’s all you need to know US-India India-US Interim Trade Deal Prospects Dim Ahead Of Tariff Deadline, Sources Say T he prospects of an interim trade deal between India and the United States beforeWashington’s August 1 deadline have dimmed, as talks remain deadlocked over tariff cuts on key agricultural and dairy products, two Indian government sources said. U.S. President Donald Trump threatened a 26% tariff on Indian imports in April but paused implementation to allow for talks. That pause ends on August 1, though India has yet to receive a formal tariff letter, unlike over 20 other countries. India’s trade delegation, led by chief negotiator Rajesh Agrawal, returned fromWashington after a fifth round of talks without a breakthrough. “An interim deal before August 1 looks difficult, though virtual discussions are ongoing,” one of the Indian government sources said, adding a U.S. delega- tion was expected to visit New Delhi soon to continue negotiations. Talks are stalled as New Delhi is refusing to open its politically-sensitive agriculture and dairy sectors, while Washington is resisting India’s demand for relief from higher tariffs on steel, aluminium and autos. Officials are exploring if these issues can be deferred to a later stage, after an interim deal, the second Indian official said. Ajay Sahai, director general of the Federation of Indian Export Organisations, warned sectors like gems and jew- ellery could be hit hard if 26% tariffs are imposed. “However, this could be temporary, as both countries aim to sign the deal over time,” he said. U.S. Treasury Secretary Scott Bessent told CNBC on Monday that the Trump administration was more con- cerned with the quality of trade agreements than their timing. Asked if the deadline could be extended for countries in talks, he said it was up to Trump. Indian officials remain hopeful of clinching a broader deal by September or October, in line with what was agreed by Prime Minister Narendra Modi and Trump in February. “Given that there have been five rounds of negotia- tions and another U.S. delegation is expected, we remain optimistic about finalising a trade pact,” a third govern- ment source said. The sources requested anonymity as negotiations are not public. The Indian commerce ministry and the U.S. Trade Representative’s Office did not immediately respond to emailed requests for comments. - Reuters By Manoj Kumar PHOTO:REUTERS/AmitDave/File Photo A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat April 1, 2014. First Deputy Managing Director Gita Gopinath Leaving IMF To Rejoin Harvard T he International Monetary Fund (IMF) announced July 21, that Gita Gopinath, First Deputy Managing Director (FDMD), would be leaving the Fund at the end of August to return to Harvard University. Gopinath was the first female Chief Economist in IMF history. At Harvard, Gopinath will be the inaugural Gregory and Ania Coffey Professor of Economics in the Depart- ment of Economics, Harvard University said in its press release. Gopinath joined the Fund in January 2019 as Chief Economist and was promoted to First Deputy Managing Director in January 2022. The IMF Managing Director Kristalina Georgieva is quoted saying, “Gita has been an outstanding col- league—an exceptional intellectual leader, dedicated to the mission and members of the Fund, and a fabulous manager, always showing genuine care for the profes- sional standing and wellbeing of our staff.” Georgieva added, “She (Gopinath) came to the Fund as a highly respected academic in macroeconomics and international finance. Admiration for Gita only grew through her time at the Fund, where her analytical rigor was paired with practical policy advice to the member- ship during an especially challenging period, which included the pandemic, wars, the cost-of-living crisis, and major shifts in the global trading system.” Gopinath oversaw the Fund’s multilateral surveillance and analytical work on fiscal and monetary policy, debt, and international trade. She is credited by IMF of making a “a strong contribution to systemic country surveil- lance and to Fund country programs, including those for Argentina and Ukraine.” Georgieva also praised Gopinath for her role in inter- national forums like the G-7 and G-20, and for ensuring that the annual World Economic Outlook report “re- mained the preeminent report on the global economy”; spearheading the Fund’s work on the Integrated Policy Framework (IPF); co-authoring the Pandemic Plan on how to end the COVID19 crisis – especially important for laying out targets to vaccinate the world at a feasible cost. “I am truly grateful for my time at the IMF, first as Chief Economist and then as First Deputy Managing Director, Gopinath said, praising her colleagues, and Georgieva “I now return to my roots in academia, where I look forward to continuing to push the research frontier in international finance and macroeconomics to address global challenges, and to training the next generation of economists,” Gopinath added. She first joined Harvard in 2005. She will begin with a new slate of course offerings next spring, Harvard said in its press release. “I am the guilty one who raided Harvard University from one of their top talents, Gita Gopinath, a class-act economist, and a wonderful person, gracious, kind, el- egant and of course extremely smart,” the Harvard press release quotes former IMF Managing Director Christine Lagarde, saying. Lagarde, who is now president of the European Central Bank, went on to say, “She (Gopinath) also proved a great leader at the IMF, a demanding insti- tution, also full of smart economists.” PHOTO:TWITTER @NARENDRAMODI PHOTO: Instagram @gita_gopinath,posted NoV.20,2024 Gita Gopinath, right, meets PM Modi at G20 meetings in Bali Nov. 14-15, 2022. IMF chief K. Georgiva, left, looks on. World Bank chief Ajay Banga with IMF chief economist Gita Gopinath at the G20 Rio Summit. By a StaffWriter US Affairs News India Times (July 26, 2025 - August 1, 2025) August 1, 2025 4