<h1>Two governments negotiate multi-sector trade deal amid reciprocal 25% tariffs, countervailing duties, and USD 48.2B exposure</h1> Two governments are negotiating a multi-sector bilateral trade agreement that includes discussions to liberalise trade in goods, including non-sensitive agricultural products, while consulting domestic agricultural and rural stakeholders. Five negotiation rounds are complete; a sixth was postponed. One country has imposed reciprocal tariffs and additional duties of 25% on certain imports from the other, and has announced countervailing duties on specified product exports. About USD 48.2 billion of bilateral merchandise exports are estimated to be affected. A pre-existing double taxation avoidance agreement remains operative and is expected to be unaffected by an unimplemented foreign minimum tax. Authorities report ongoing measures to protect national interests, farmers, exporters and MSMEs and to mitigate trade impacts.