America India Trade Talks: US President Donald Trump said that India has agreed to cut its tariff. His remarks came after the trade talks in the US with Union Commerce Minister Piyush Goyal’s counterpart Howard Holynik. President Trump said at the Oval Office on Friday, “From the economic point of view, from a financial point of view and from the business point of view, almost every country in the world has completely cheated.”
Trump said, “Canada and Mexico you go directly into the line. India charges a lot of tariffs from us, you cannot sell anything in India. It is almost restrictive. It is almost restrictive. We have done very little business now. By the way, they have now agreed, they want to cut their tariffs now, because someone is opening the same thing with the same other countries. Is, and the European Union has been misusing the United States very badly. “
Understand India’s perspective
Reacting to the comment, sources said that India has reduced its average applicable tariffs for major developed countries like Australia, UAE, Switzerland, Norway etc. under recently concluded mutually beneficial bilateral trade agreements (BTA). A similar conversation is currently going on with other partners including the European Union and the United Kingdom. He said that the ongoing discussions with the United States should also be seen in this context.
Sources said that India and the United States had agreed to negotiate the first installment of the BTA (BTA) mutually beneficially beneficial in February 2025.
Prime Minister Narendra Modi and President Trump agreed to promote the dialogue, increase market access, reduce tariffs and non-tariff obstacles and nominate senior representatives to work towards deepening supply chain integration. In the same sequence, an Indian delegation led by Piyush Goyal visited Washington DC from 3 to 6 March and met the US Commerce Secretary, American Trade Representative and his teams.
Time will be spent in agreement
Sources said that discussion on tariffs and other aspects of business is a continuous process. He said that obviously, some special things have been told on various issues as part of the conversation. He said that it is also natural that both countries have their own interests and sensitivity. Sources said that these are legal cases for discussion. Sources said that during the first trump administration, there was also a discussion about the limited trade deal between the two countries and due to various reasons, it did not get any result. He said that since the discussion has just started, it is too early to talk about its details.