India 'hopeful' of reaching deal with US before Trump's tariff deadline
Summary
India and the US are negotiating a trade agreement before a deadline on July 9, when tariffs would be re-imposed. Both countries have been discussing these issues to balance trade and open markets to each other.Key Facts
- India's Foreign Minister S Jaishankar said they aim to complete a trade deal with the US by July 9, before tariffs come back.
- Trade talks began before President Trump announced new tariffs on April 2, which included tariffs up to 27% on India.
- Modi and Trump want to increase trade between their countries from $190 billion to $500 billion.
- India has already reduced tariffs on some US goods, like Bourbon whiskey and motorcycles.
- A US-India meeting in Delhi was described as productive, moving towards a balanced trade agreement.
- The US currently runs a $45 billion trade deficit with India, meaning it imports more from India than it exports.
- US commerce officials are optimistic about reaching a trade deal soon, saying progress is being made.
- India disputed claims by Trump that it agreed to remove all tariffs on US goods, stating negotiations are ongoing.
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