US President Donald Trump and Indian Prime Minister Narendra Modi shook arms on the White Home in Washington, DC on February 13, 2025.
Kevin Lamarck | Reuters
India and the US will greater than double the $500 billion {dollars} in bilateral commerce by 2030, Indian Prime Minister Narendra Modi stated at a joint press convention with President Donald Trump on Thursday.
On the finish of the 2 management assembly in Washington, Modi stated, “Our group will shut rapidly and work on a mutually helpful commerce settlement.”
Trump acknowledged India’s current transfer to cut back tariffs on US imports, saying it might start talks on commerce disparities, and hoped to succeed in an settlement.
Modi stated India and the US can even cooperate with synthetic intelligence and semiconductors, specializing in establishing a robust provide chain for strategic minerals.
The assertion comes after Trump signed a memorandum of understanding from the president, which he deliberate to impose “mutual tariffs” on overseas international locations, together with India.
The US will merely cost the identical tariff expenses that India expenses, Trump stated, however he stated the commerce deficit with India could possibly be addressed with oil and gasoline gross sales.
The US complete commodity commerce with India is estimated $129 billion in 2024Based on the US Commerce Consultant.
India imposes a easy common of 17% Tariffs of nations with essentially the most most well-liked state standing, In comparison with the US, which collects 3.3%. The US enjoys MFN standing in most main economies, aside from some, together with Russia.
India’s surplus with the third largest buying and selling accomplice, the US Final 12 months it reached $45.7 billion. Specifically, the nation’s imported agricultural merchandise have been uncovered to a big 39% job.
“We are actually mutual nations… now we have any Indian claims, we cost them. Even when different international locations cost, we cost them The US President stated at a press convention.
The president stated mutual tariffs will quickly be in impact as his administration is working to find out the suitable tariff ranges for the international locations affected.
Trump is already slapping tariffs in China, Canada and Mexico, in addition to bringing world tariffs on metal and aluminum imports. Trump’s tariffs in Canada and Mexico are at the moment suspended after each international locations pledged to crack down on unlawful drug trafficking at their respective borders with the US
