- U.S. President Donald Trump announced a possible trade agreement with India during a summit in South Korea.
- Trump expressed high regard for Indian Prime Minister Narendra Modi, referring to him as a tough and admirable leader.
- Trade tensions remain, with Indian exports to the U.S. currently facing 50% tariffs after recent increases linked to India’s Russian oil imports.
- A proposed trade deal could see the U.S. lower tariffs on Indian goods to 15-16%, contingent on India reducing its Russian oil purchases.
- Further negotiations involve India possibly permitting higher imports of certain U.S. agricultural products in exchange for improved trade terms.
U.S. President Donald Trump stated on Wednesday that his administration is working towards a new trade deal with India. The announcement was made while attending the Asia-Pacific Economic Cooperation summit in Gyeongju, South Korea.
Trump added that he holds “great respect and love” for Prime Minister Narendra Modi, describing Modi as “tough as hell” and “the nicest looking guy.” Trump also claimed the U.S. was influential in helping prevent further conflict between India and Pakistan, factoring into ongoing diplomatic discussions.
According to reports, Modi did not attend the Association of Southeast Asian Nations (ASEAN) summit in Kuala Lumpur. As detailed by a Bloomberg News article, the move was aimed at avoiding a direct discussion with Trump that could address topics related to Pakistan.
Currently, Indian exports into the U.S. face tariffs of up to 50%. These additional levies, as reported, were a response to India’s ongoing purchases of Russian oil. Recent negotiations suggest a possible reduction in these tariffs to the 15-16% range, if India agrees to cut back on its energy imports from Russia.
The draft agreement may also require India to allow higher volumes of non-genetically modified corn and soymeal from the U.S., a point of friction in previous trade discussions. Both nations are considering adding mechanisms for regular review of tariffs and market access.
No final agreement has been announced yet. However, ongoing meetings, including one between Indian External Affairs Minister S. Jaishankar and U.S. Secretary of State Marco Rubio, indicate the two countries are trying to resolve these outstanding trade and policy issues.
Previous Articles:
- Binance’s CZ Rejects Golden Statue, Warns Against CZSTATUE Token
- Spike in Botnet Attacks Targets PHP Servers, IoT Devices, Cloud
- Ripple (XRP) May Drop to $1.90
- Crypto Market Slides 1.4%, Over $500M Liquidated Ahead of Fed Decision
- Solana Volume Bot: Understanding Automated Liquidity Tools for Token Growth
