US President Donald Trump claims India has agreed to chop tariffs ‘manner down’

US President Donald Trump claimed on Friday (March 7) that India has agreed to considerably reduce down tariffs on American imports. “India expenses us large tariffs. Huge. You possibly can’t even promote something in India…They’ve agreed, by the best way; they wish to reduce their tariffs manner down now as a result of any individual is lastly exposing them for what they’ve performed,” Trump said. This announcement follows Trump’s earlier declaration that reciprocal tariffs can be imposed on India beginning April 2, in response to what he described as “unfair” commerce insurance policies in the direction of the USA.

Tariff menace on Canada, China, Mexico, and India

Simply days in the past, Trump defended his resolution to impose reciprocal tariffs on international locations corresponding to Canada, China, Mexico, and India, with the tariffs set to take impact on April 2.

“Our nation has been ripped off by everyone and that stops now. I had it stopped in my first time period and we’ll actually cease it now as a result of it has been very unfair,” he added. He emphasised that the US has been economically, financially, and trade-wise deprived by a number of nations.

Ongoing commerce talks with India

Trump’s feedback come at a time when India’s Commerce Minister Piyush Goyal, is in Washington for ongoing commerce talks together with his US counterpart, Howard Lutnick.

Additionally, Ministry of Exterior Affairs spokesperson, Randhir Jaiswal, highlighted the potential of a Bilateral Commerce Settlement (BTA) to strengthen ties between the 2 international locations.

“The 2 governments are within the technique of advancing discussions on a multi-sector Bilateral Commerce Settlement. Via the BTA, our goal is to strengthen and deepen India-US two-way commerce within the items and companies sector, enhance market entry, cut back tariff and non-tariff boundaries, and deepen provide chain integration between the 2 international locations,” Jaiswal defined.

Trump delays tariffs on Mexico and Canada

Trump on March 6 postponed the imposition of 25 % tariffs on sure imports from Mexico and Canada for a month, signaling a short-term delay earlier than the full-scale tariffs are applied beginning April 2.

As well as, the duties on Chinese language items had been doubled to twenty %, additional intensifying the commerce warfare with China.

Reciprocal tariffs set to start from April 2

Trump reiterated in his tackle to Congress on Tuesday (March 4) that the deliberate reciprocal tariffs can be imposed beginning April 2. “And the large one shall be on April 2, when reciprocal tariffs, so if India or China, or any of the international locations that basically…India is a really high-tariff nation,” he warned.

The President had beforehand delayed 25% tariffs on imports from Mexico and Canada for a month, signaling that the complete tariffs can be enforced within the coming weeks.

US Commerce Secretary urges India to rethink tariffs

In a associated growth, US Commerce Secretary Howard Lutnick additionally weighed in on India’s excessive tariffs, calling for India to rethink its place.

“India’s tariffs on American merchandise are among the many highest globally,” Lutnick mentioned talking nearly on the India At present Conclave. He urged New Delhi to open up its agricultural marketplace for imports and take a extra versatile method in its dealings with the US, noting the particular bilateral relationship between the 2 nations.

“The nice factor is your authorities really understands your market, and we perceive ours. And the hot button is to attempt to discover that place. So sure, the Indian marketplace for agriculture, it has to open up,” Lutnick added.

As commerce talks proceed, the potential tariff reductions and the BTA discussions spotlight the evolving financial relationship between the US and India. The result of those negotiations might have vital implications for India-US commerce insurance policies.