President Trump Expects India to Lower Tariffs on U.S. Goods by April 2
President Trump expects India to reduce tariffs on U.S. goods and announced that the U.S. will impose equivalent tariffs on India beginning April 2. This move comes after criticism of India’s high tariffs, with the U.S. seeking fairness in trade relations. In 2023, trade between India and the U.S. hit USD 190 billion, with India enjoying a significant trade surplus.
United States President Donald Trump expressed his expectation that India will significantly reduce tariffs on American products. He announced that, effective April 2, the U.S. intends to impose tariffs on India that are equivalent to those that India charges on American goods. This information was conveyed during an interview with Breitbart News, as reported by Reuters.
Trump indicated his belief that India is likely to lower tariffs on U.S. goods, stating, “I believe they are going to probably going to be lowering those tariffs substantially, but on April 2, we will be charging them the same tariffs they charge us.” These tariffs are defined as government-imposed import duties on foreign goods.
Recently, the Indian government clarified to Parliament that the U.S. has yet to impose reciprocal tariffs on India. This statement followed Trump’s criticism of various nations, including India, for applying high tariffs on American products, which he deemed “very unfair.” Starting April 2, the U.S. will implement reciprocal tariffs on countries that levy such duties on American goods.
On February 13, the U.S. government issued a memorandum focused on reciprocal trade and tariffs, instructing the commerce secretary and the U.S. Trade Representative to evaluate how non-reciprocal trade agreements affect the U.S. economy. They are tasked with investigating potential damage and proposing remedies for affected trading partners.
In 2023, trade between India and the United States reached USD 190.08 billion, including USD 123.89 billion in goods and USD 66.19 billion in services. India exported USD 83.77 billion worth of goods to the U.S. while importing USD 40.12 billion, leading to a trade surplus of USD 43.65 billion for India. The U.S. has become India’s largest trading partner from 2021 to 2024, maintaining a trade surplus with only a few nations.
In summary, President Trump anticipates a reduction in Indian tariffs on U.S. products, with reciprocal tariffs taking effect on April 2. The U.S. aims to align its tariffs with those imposed by India, promoting fairness in trade. The ongoing trade relationship between India and the U.S. has reached significant figures, bolstering mutual economic interests, particularly amidst U.S. initiatives to reassess its trade agreements.
Original Source: www.hindustantimes.com
Post Comment