{"id":13532,"date":"2025-03-09T05:58:42","date_gmt":"2025-03-09T05:58:42","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=13532"},"modified":"2025-03-09T05:58:42","modified_gmt":"2025-03-09T05:58:42","slug":"india-has-agreed-to-cut-tariffs","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/13532\/","title":{"rendered":"India \u2018has agreed to cut tariffs\u2019"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0US President Donald Trump said that India has agreed to \u201ccut their tariffs way down,\u201d signalling a potential shift in trade relations between the two countries.<\/p>\n

Addressing the media from the Oval Office, Trump criticised India for imposing \u201cmassive\u201d and \u201crestrictive\u201d tariffs that have made it difficult for American businesses to sell their products in the Indian market.<\/p>\n

\u201cThey have agreed, by the way. They want to cut their tariffs way down now because somebody\u2019s finally exposing them for what they have done,\u201d Trump said.<\/p>\n

Trump\u2019s comments come as India and the US intensify discussions on a Bilateral Trade Agreement (BTA) aimed at reducing tariff and non-tariff barriers. Ministry of External Affairs spokesperson Randhir Jaiswal confirmed that during Prime Minister Narendra Modi\u2019s recent visit to the US, both sides agreed to work towards a trade deal that would enhance market access and deepen supply chain integration.<\/p>\n

\u201cOur objective through the BTA is to strengthen and deepen India-US two-way trade across the goods and services sector, increase market access, reduce tariff and non-tariff barriers, and deepen supply chain integration between the two countries,\u201d Jaiswal said on Friday, ahead of Trump\u2019s comments.<\/p>\n

Commerce Minister Piyush Goyal is currently on a US visit and has been engaged in discussions with US officials to advance negotiations.<\/p>\n

Earlier this week, Finance Minister Nirmala Sitharaman acknowledged that the government is closely monitoring the ongoing talks, especially with the April 2 deadline for reciprocal tariffs imposed by the Trump administration approaching.<\/p>\n

On Thursday, Sitharaman said: \u201cReciprocal tariff is something about which the US President has been talking about. Commerce Minister Goyal has already gone to the US and will be talking with the US Commerce Secretary and the US Trade Representative, and based on the negotiations, he will come back and then we will take a call.\u201d<\/p>\n

She added that India would keep its interests at top, stating: \u201cIt is only as we progress through the negotiations, we will be able to make an assessment but we keep Indian export interests in mind. At the moment, we are seized of the problem.\u201d<\/p>\n

The US has long pushed India to lower its trade surplus, which currently stands at approximately $45 billion. During recent meetings, both nations agreed to finalise a comprehensive trade deal by the end of 2025, with an ambitious goal of reaching $500bn in annual bilateral trade by 2030. Achieving this would require \u201cnew, fair-trade terms,\u201d and leaders have set a target to negotiate the first phase of the BTA by fall 2025, according to a joint statement from the Modi-Trump talks.<\/p>\n

During India\u2019s latest Union Budget for 2025-26, tariff reductions for key American exports such as bourbon whiskey, wines, and electric vehicles were announced.<\/p>\n

However, Washington has also been urging New Delhi to increase imports of American oil, gas, and defence equipment to balance the trade relationship, as Trump continues to push his \u2018America First\u2019 trade policy.<\/p>\n

Updated on