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New Delhi: US President Donald Trump announced on Tuesday that the United States plans to reduce tariffs on Indian imports. The US president cited progress in ongoing trade negotiations and a significant decrease in India's oil trade with Russia as a reason to decrease tariffs.
Trump expressed optimism about reaching a "fair deal" with India, suggesting a shift in the trade relationship between the two nations.
Speaking to reporters, Trump stated that the high tariffs currently imposed on India are largely a consequence of its oil dealings with Russia. He asserted that India has "substantially stopped" its purchases of Russian oil, a key factor in the US consideration of tariff reductions. "The tariffs are very high on India due to Russian oil and they (India) have stopped doing the Russian oil very substantially," Trump said. when asked about the trade negotiations with India. "We're gonna be bringing the tariffs down...at some point, we'll bring them down," Trump further said.
"We're gonna be bringing the tariffs down...at some point, we'll bring them down," Trump declared, indicating a willingness to ease trade restrictions.
This latest statement comes several months after Trump doubled tariffs on Indian imports to 50 per cent in August, a move widely interpreted as a pressure tactic aimed at influencing Russian President Vladimir Putin's actions in Ukraine.
The US has been engaged in trade talks with India since then, with Trump repeatedly claiming that India would cease its energy trade with Russia. He had previously attributed this assertion to an "assurance" allegedly received from Indian Prime Minister Narendra Modi. However, India had previously denied any such phone call or conversation at that time.
When questioned about the current trade talks, Trump characterised the ongoing discussions as leading to a "much different" arrangement than in the past. "So right now, they don't love me, but they'll love us again. We're getting a fair deal, just a fair trade deal. We had pretty unfair trade deals...But we're getting close," he stated. He later pointed to Treasury Secretary Scott Bessent, reiterating that the U.S. is nearing a trade agreement that would be "good for everybody."
