Trump told India ‘King in case of tariff’
US President Donald Trump’s warrior warning has increased the possibility of a global trade war. Along with this, India is now considering finding a solution to this challenge, keeping in mind the widespread outline of the trade agreement with the US. The people associated with the case referred to the commitment of Prime Minister Narendra Modi and Trump during the February 13 conversation in the US and said that India is confident of finding a solution. At the meeting, the two sides agreed to set an ambitious targets to reach $ 500 billion annually by 2030, with negotiating on a huge trade agreement by the end of this year and reducing the trade deficit. Both sides have expressed strong commitment to promote overall trade and India hopes that the issue of fees will result in mutually profitable results. People associated with the case say that India is considering to carry forward the trade scenario with the Trump administration.
Trump told India ‘King in case of tariff’
Commerce Minister Piyush Goyal is in Washington this week to interact with US Commerce Minister Howard Lutynik and American trade representative Jemisson Greer on the proposed agreement. It is expected in India that it can avoid the counter duty being imposed by the Trump administration. Trump has criticized India for high tariffs on several occasions since taking office on 20 January and even described the country as ‘Raja in the case of imposing tariffs’ and ‘misusing the tariff’. India announced to reduce tariffs on Borbon Whiskey, Wine and Electronic Vehicles (EV) in the budget of FY 2025-26. As an attempt to send these decisions to the Trump administration, it was seen that India is ready to reduce tariffs in certain sectors.
25 percent tariff applied to Canada and Mexico
The US is also pressurizing India to buy more American oil, gas and military products to reduce the trade deficit of about $ 45 billion with India. The total bilateral trade in goods and services for the year 2023 stood at $ 190 billion and America was the largest trading partner in India. In FY 2023-24, the US was the third largest source of FDI (FDI) in India with a capital flow of $ 4.99 billion. Trump’s policy on the tariff has led to the possibility of global concerns and a major trade war. 25 percent tariff on imports from Canada and Mexico came into effect from Tuesday. Apart from this, the US President has also doubled the 10 percent tariff declared on sugar imports in February to 20 percent.
With PTI inputs
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