New York: Ahead of India-US ministerial-level meetings in Washington, US President Donald Trump reiterated that the Indian government is willing to cut 100 per cent tariffs on American goods. In an interview to Fox News, Trump claimed that both the countries would soon seal a trade deal.
The US president went on to add that he is not in a “rush” for the proposed trade deal.
In the interview, Trump described India as “one of the highest tariff nations in the world.” “They make it almost impossible to do business. Do you know that they’re willing to cut 100 per cent of their tariffs for the United States?” the US president said.
When asked to comment on when would the trade deal with India be finalised, Trump said, “that’ll come soon. I’m in no rush. Look, everybody wants to make a deal with us.”
Mutual Benefit as the Cornerstone of Any Deal: Jaishankar
Meanwhile, as US president repeatedly claims of India’s offer to drop all tariffs on American imports, External Affairs Minister S Jaishankar “any trade deal has to be mutually beneficial”.
“These are complicated negotiations. Nothing is decided till everything is. Any trade deal has to be mutually beneficial; it has to work for both countries,” Jaishankar said.
“That would be our expectation from the trade deal,” he added.
Commerce Minister Piyush Goyal is in the United States to hold trade talks with US Commerce Secretary Howard Lutnick and US Trade Representative (USTR) Jamieson Greer from May 17.
In an attempt to boost bilateral trade between the two countries, India is seeking duty concessions for labour-intensive sectors like bananas, chemicals, grapes, textiles, gems and jewellery, shrimp, oil seeds, leather goods, garments, plastics, and chemicals in the proposed pact with the United States.
The Trump administration wants the Indian government to give concessions in sectors like agriculture items such as apples, and tree nuts, wines, petrochemical products, dairy, industrial goods, and automobiles (electric vehicles in particular).
The meeting is being held as New Delhi and Washington want to finalise the trade deal during the the 90-day tariff pause. The US has suspended the additional 26 per cent tariffs on India till July 9,which were announced on on April 2.
Ahead of India-US ministerial meetings, President Trump claimed India offered a 100% tariff cut on US goods, while External Affairs Minister Jaishankar emphasized the need for mutual benefits in any trade deal. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
