New Delhi: US President Donald Trump has indicated that a fair trade deal will soon be concluded between India and the US. Trump stated that this agreement would be mutually beneficial, strengthening the trade relationship between the two countries. He also mentioned that the high tariffs currently imposed on India will be reduced in the future. He made this statement during the swearing-in ceremony of the new US Ambassador to India, Sergio Gore.
Trump emphasized that the trade deal being negotiated this time is fundamentally different from previous agreements. He described the trade agreements signed in the past as quite unbalanced, but assured that the current deal is being finalized while considering the interests of both nations. Trump expressed his desire for a compromise that proves beneficial for everyone.
Strengthening US-India Relations Through Fair Trade Deals
Currently, a tariff of about 50 percent is levied on exports from India to the US, a rate equivalent to that placed on countries like Brazil. This rate is the highest among US trading partner countries. This additional 25 percent duty was previously levied due to India’s continued purchase of oil from Russia.
Trump noted that India has now significantly reduced its purchase of oil from Russia. He said that this is the reason the United States is now considering reducing tariffs in the future. Trump stated that while tariffs are high at the moment, they will be reduced over time to benefit the trade of both countries.
Sergio Gore was sworn in as the US Ambassador to India on Monday. Trump expressed confidence that Gore will further strengthen the relationship between the US and India, working to enhance investment, energy cooperation, and the security partnership between the two nations.
Trump reiterated that the United States is working towards reducing the high tariffs imposed on India. He asserted that when trade is equalized, the relationship between the two countries will be further strengthened. He concluded by saying that past deals were unfair, but the upcoming deal will be completely fair and transparent. (TV9)
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