US President Trump Hints at Major Relief on India Tariffs, Says Deal Will Be ‘Good for Everyone’
US President Donald Trump has given positive signals regarding a trade deal with India (US-India Trade Deal). He stated that the US is close to reaching a fair trade agreement with India that will benefit both countries. Currently, Indian exports to the US are subject to a 50% tariff, which Trump has promised to reduce.
In what comes as a positive sign for New Delhi, US President Donald Trump has made a significant statement regarding the tariffs imposed on India, also known as Trump Tariffs. Trump stated on Monday, November 10, that the US is very close to reaching a "fair trade deal" with India which will be "good for everyone."
Trump said this while addressing the swearing-in ceremony of US Ambassador to India Sergio Gor. When asked about the progress on the trade deal with India, Trump said that they are working on a different kind of deal than what was negotiated.
In his address, Trump said, "We're making a deal with India that's very different from the previous deal. So right now, they don't like me, but they'll like us again. We're getting a fair deal, just a fair trade deal. We had a lot of unfair trade deals before. But we're getting closer."
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Indian exports to the US currently face a 50% tariff, equal to Brazil's. This is the highest among countries trading with the US. The US has imposed an additional 25% tariff on India for purchasing oil from Russia. However, Trump himself has stated several times that India has reduced its oil purchases from Russia.
He reiterated this point in his latest statement, and perhaps that's why he agreed to reduce the tariffs.
When asked about changes to tariff rates, Trump said, "They will be brought down below the current 50%. At some point, we will bring them down." However, he did not specify how much the tariffs would be reduced.
