Trump Highlights US-India Trade Deal Progress with PM Modi
'Making a lot of money with India': US President Donald Trump says trade deal with 'good friend' PM Modi will be finalised
Image: Deccan Herald
US President Donald Trump stated that a trade deal with India is nearly finalized, emphasizing the shift from high tariffs imposed by India to a more favorable trade relationship. He praised Prime Minister Narendra Modi as a 'good friend' and noted that the US is now benefiting significantly from trade with India.
- 01Trump criticized India's previous high tariffs, particularly a 200% tariff on Harley Davidson motorcycles, which hindered sales.
- 02The US and India are close to finalizing a trade agreement, with only 1% of issues remaining, according to US Ambassador Sergio Gor.
- 03India has agreed to reduce tariffs on US goods from 50% to 18% as part of the interim trade agreement announced on February 7.
- 04The US Supreme Court recently ruled against Trump's reciprocal tariffs, prompting a re-negotiation of the trade deal.
- 05Both nations are committed to strengthening bilateral trade and economic ties through this agreement.
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During a press briefing, US President Donald Trump announced that the United States is on the verge of finalizing a trade deal with India, highlighting the significant profits the US is currently making from this relationship. He pointed out that India had previously imposed steep tariffs, specifically citing a 200% tariff on Harley Davidson motorcycles, which limited American sales in the Indian market. Trump expressed confidence in reaching an agreement with Prime Minister Narendra Modi, whom he described as a 'good friend.' The ongoing negotiations, which recently included a US delegation in India, aim to address remaining issues and enhance bilateral trade. An interim trade agreement, announced on February 7, includes a commitment from India to reduce tariffs on US goods from 50% to 18%. However, the US Supreme Court's ruling against Trump's tariffs has led to a reevaluation of the trade discussions. Both nations are optimistic about concluding a mutually beneficial deal that strengthens their economic ties.
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The trade deal is expected to enhance economic opportunities for American companies in India and vice versa, potentially leading to job creation and increased market access.
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