Donald Trump expects India to chop tariffs on US merchandise, however ‘will cost them the identical from April 2’ | Newest Information India

US President Donald Trump, in an interview with Breitbart Information on Wednesday, stated he believes India would scale back tariffs on American items, information company Reuters reported.

“I imagine they’re going to most likely going to be reducing these tariffs considerably, however on April 2, we might be charging them the identical tariffs they cost us,” Donald Trump was quoted as saying, reported Reuters.

Tariffs are government-imposed import duties that corporations should pay to deliver international items into a rustic.

Final week, the Centre knowledgeable Parliament that, as of now, america has not imposed reciprocal tariffs on India. The clarification got here after Trump criticised India and different nations for imposing excessive tariffs on American items, calling them “very unfair”. He additionally introduced that from April 2, the US would implement reciprocal tariffs on international locations that impose levies on American merchandise.

On February 13, the US issued a memorandum on reciprocal commerce and tariffs, directing the commerce secretary and the US commerce consultant (USTR) to evaluate the impression of non-reciprocal commerce preparations on the US financial system. They’re required to research potential hurt and submit a report with proposed cures for every buying and selling companion.

India, US decide to doubling two-way commerce

Throughout Prime Minister Narendra Modi’s go to to Washington final month, India and the US pledged to greater than double their bilateral commerce to USD 500 billion by 2030. In addition they agreed to finalise the primary section of a multi-sector Bilateral Commerce Settlement (BTA) by fall 2025.

In 2023, commerce between the 2 nations reached USD 190.08 billion, comprising USD 123.89 billion in items and USD 66.19 billion in companies. India exported USD 83.77 billion price of products to the U.S. whereas importing USD 40.12 billion, leading to a commerce surplus of USD 43.65 billion for India.

From 2021 to 2024, the U.S. emerged as India’s largest buying and selling companion and stays one of many few nations the place India maintains a commerce surplus.