 "As Trump plans new duties, India hopes reciprocal tariffs won't impact it significantly")
Ahead of Prime Minister Narendra Modi’s meeting with US President Donald Trump, India said that POTUS’ recent announcement on reciprocal tariffs would not affect the country significantly.
Sources told CNBC-TV18 that the two countries will announce a roadmap for a strong trade pact during PM Modi’s day two of the US trip.
India has agreed to provide greater market access to industrial goods from the US to facilitate increased trade and investment. In return, India is seeking to expand opportunities for its labour-intensive manufacturing products in the US market.
Earlier today, Trump hinted at a new wave of reciprocal tariffs in an all-caps post on Truth Social vowing to match the higher rates other nations impose on US imports.
He said, “THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN!!!”
The president will hold a press conference on the same at 11:30 pm (IST).
Meanwhile, the sources further told the news outlet that India and the US could announce a trade deal by the fall of 2025.
Trump ‘proud’ of ties with India
People familiar with the developments back in the US told News18, “President Trump is proud of the close relationship with India and PM Modi. We see defence and energy as sectors which will reduce trade deficit with India.”
They added that the talks between the two leaders will also build on the accomplishments of the first Trump administration.
A senior White House official said that the two countries will work on a new defence framework on Thursday.
Impact Shorts
More Shorts“Talks between President Trump and PM Narendra Modi will further provide momentum to solidify a fair bilateral trade partnership which could be announced by fall of 2025,” the official said.
What to expect?
Indian officials are also looking at possible deals on U.S. agriculture exports to India and investment in nuclear energy, along with tariff cuts in at least a dozen sectors, including electronics, medical and surgical equipment, and chemicals.
Those are areas Trump’s team believes India needs to make improvements, according to another person familiar with their thinking.
It’s a “gift” for Trump, said one of the sources, who declined to be named as they previewed a private meeting.
With inputs from agencies
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