New Delhi, June 1 -- As India and the US begin finalising the long-pending trade deal in Delhi from 1 June to 4 June, key industries are keenly awaiting any announcements on tariffs levied by the US on Indian imports.

According to a report in Business Standard, US has assured India that it will not be imposing any additional tariffs under Section 301 of the US Trade Act, 1974 if the two nations sign the deal before 24 July, when the current 10% baseline tariff is scheduled to expire.

The 10% baseline tariff was temporarily applied to all of US' trading partners for a 90-day-window after the US Supreme Court in February struck down the reciprocal tariffs levied by the President Donald Trump, calling them "unconstitutional."

Section 301 ...