US President Donald Trump acknowledged a positive relationship with India but criticized its high tariffs, stating intentions to impose reciprocal tariffs starting April 2. He highlighted discussions on trade agreements aimed at enhancing mutual benefits, revealing ongoing negotiations between the two nations regarding tariff reductions.
US President Donald Trump expressed a strong relationship with India during an interview but emphasized the issue of high tariffs. He stated that India is among the highest tariffing nations globally, reiterating his intention to impose reciprocal tariffs starting April 2. Trump believes that India will likely reduce these tariffs significantly.
In discussing the India-Middle East-Europe Economic Corridor (IMEC), Trump described it as a coalition of nations working together against those who might harm US trade interests. He noted that despite having strong partnerships, the US sometimes fares better in trade relationships with its adversaries compared to allies, specifically citing the European Union’s trade practices.
The President has previously labeled India as a “tariff king” and criticized its trade practices. He acknowledged during a joint press conference with Prime Minister Modi that selling products in India is challenging due to substantial tariffs and trade barriers. Commerce Secretary Sunil Barthwal indicated ongoing negotiations regarding trade tariffs between the nations, with no agreement reached as of March 10.
India has expressed its commitment to enhancing trade relations with the US, including efforts to lower tariff and non-tariff barriers. Following Prime Minister Modi’s recent visit to the US, both countries announced intentions to negotiate a comprehensive Bilateral Trade Agreement (BTA).
In summary, President Trump’s comments highlight a complex relationship with India, underscored by concerns over high tariffs that he insists must be addressed through reciprocal measures. Meanwhile, both nations appear willing to pursue negotiations to bolster trade ties and establish beneficial agreements. The ongoing dialogue suggests potential for improvement in trade relations if both parties can effectively navigate their tariff issues. Finally, the introduction of bilateral frameworks such as the BTA signifies a commitment to fostering closer economic collaboration.
Original Source: www.business-standard.com
