According to Donald Trump, India proposed a “zero tariff” deal on a variety of American goods.
According to Bloomberg, US President Donald Trump said that India had proposed a trade agreement that would result in “basically zero tariffs” on a variety of American goods. Trump said that while on his West Asia tour in Doha on Wednesday.
Trump stated, “India offered the US a deal, basically zero tariffs,” indicating that the ongoing trade talks between Washington and New Delhi are making forward.
Donald Trump, India proposed a “zero tariff”
Trump did not elaborate on the proposal’s details or extent. New Delhi did not immediately respond to the purported offer, raising important issues about whether the action extends to all U.S. export categories or just a few.
Trump had said that negotiations with India were “going great” and alluded to a potential agreement shortly before, while speaking in Michigan the day before. He made these comments in conjunction with a new executive order that targeted the US auto industry.
Earlier, when talks appeared to be progressing, the US halted further duties on Indian goods for ninety days, from April 10 to July 9. This came after Trump’s broad decision on April 2 to put universal tariffs on imports from almost 60 nations, which included a 26% tax on steel and shrimp from India.
The strong tariff campaign was intended to increase domestic production and reduce the US trade deficit. India’s exports have been particularly heavily hit, particularly in the seafood and metals industries.
India’s alleged offer, if accepted, might restore the tense economic relations and relieve pressure on both parties before the July deadline.