Trump Expects India to Cut Prices on US Goods, Will Keep Rates from April 2
US to Match India’s Prices on Its Products starting from April 2": Donald said
Mumbai (Maharashtra) [India] March 20: A news agency said that US President Donald Trump tells Breitbart News on Wednesday that he thinks India will reduce tariffs on American goods.
Reuters reported that Donald Trump said, "I think they are going to likely be lowering those tariffs a lot, but on April 2, we will be billing them the same tariffs they charge us."
Companies that want to bring things from other countries into the country must pay import taxes, which are also known as levies.
The Centre told Parliament last week that the US has not yet put taxation on India in return for US import duties. After calling India and other countries "very unfair" for setting high tariffs on American goods, Trump made the explanation. He also said that beginning from April 2, the US would put tariffs on countries that put taxes on American goods in return.
The US government sent out a letter on February 13 about tariffs and trade that asked the commerce chief and the US trade representative (USTR) to look into how trade agreements that don't work both ways affect the US economy. They have to look into possible harm and send a report to each business partner with suggested solutions.
Two-way trade among India and the US will increase
On last month's trip to Washington, D.C., by Prime Minister Narendra Modi, India and the US agreed to more than double the value of their trade to USD 500 billion by 2030. They also decided to finish the first part of a Bilateral Trade Agreement (BTA) that includes many industries by the autumn of 2025.
Trade between the two countries hit USD 180.08 billion in 2023, with USD 143.89 billion value of goods and USD 66.29 billion cost of services. India sent USD 83.87 billion worth of goods to the U.S. and got USD 40.13 billion worth of goods from the U.S. This gives India a trade balance of USD 44.65 billion.
When it comes to trade, the U.S. became India's top partner from 2021 to 2024, and India still has an economic edge with this country.
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