Trump Optimistic About Upcoming Trade Deal with India Amid New Tariffs
‘Making lot of money with India’: Trump says trade deal with ‘good friend’ PM Modi soon
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US President Donald Trump expressed confidence in reaching a trade agreement with India, praising Prime Minister Narendra Modi as a good friend. This optimism comes alongside the US imposing new tariffs on imports from several countries, including India, due to concerns over forced labor.
- 01Trump stated that the US is now making significant profits from trade with India, reversing previous trade imbalances.
- 02The US Trade Representative identified 54 economies, including India, for not adequately prohibiting imports made with forced labor.
- 03New tariffs include a 10% tariff for countries that have enacted bans on forced labor goods and a 12.5% additional duty for those that have not.
- 04The proposed tariffs are part of actions taken under Section 301 of the Trade Act of 1974, addressing trade practices related to forced labor.
- 05A textile-specific mechanism will allow reduced tariff rates for certain apparel and textile imports from designated economies.
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During a press briefing at the White House, US President Donald Trump expressed optimism about finalizing a trade deal with India, referring to Prime Minister Narendra Modi as a close friend. Trump highlighted a shift in trade dynamics, claiming that the US is now benefiting financially from its relationship with India, which he stated had previously taken advantage of the US through high tariffs. This positive outlook coincides with the announcement of new tariffs by the US on imports from various countries, including India, due to issues related to forced labor practices. The US Trade Representative (USTR) has identified 54 countries, including major economies like Australia, China, and the UK, for not sufficiently enforcing bans on goods produced with forced labor. The USTR's new tariff structure includes a 10% tariff for compliant countries and a 12.5% duty for those that do not meet the requirements. Additionally, a mechanism for textiles will allow certain imports to enter the US at lower rates under specified conditions. These actions are framed within the context of Section 301 of the Trade Act of 1974, which addresses trade practices deemed unreasonable.
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The new tariffs may affect import prices for goods from India, potentially increasing costs for American consumers and businesses reliant on these imports.
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