The ongoing trade deal talks between India and the US have now reached the final stage. US Ambassador Sergio Gore said that most of the main points of the deal have been agreed upon in principle. Now the legal and technical details are being finalized.
What did he say about the 100% tariff?
The biggest concern for India is the US’s 100% tariff proposal. There is a discussion in the US about imposing additional duties on countries buying oil from Russia. However, Sergio Gore clarified that the proposal related to the 100% tariff has come from the US Congress. It cannot be said that this is the final decision of the Trump administration from now on.
Why is it big news for India?
The US is a major trading partner of India. Therefore, if tariffs are reduced or trade barriers are reduced, Indian exporters can benefit. The US market is especially important for textile, pharma, engineering and other sectors. On the other hand, India is also a large and fast-growing market for the US. So a stable trade deal between the two countries can be beneficial for both sides.
When will the deal be final?
Currently, work is underway on the legal and technical aspects of the agreement. So even though the deal is called ‘almost final’, it cannot be considered completely final until it is formally announced. So, amid the concerns of 100% tariffs, this sign of an India-US trade deal is certainly important news for Indian business and export sector.
What did Trump say about Modi’s friendship?
Gore said that Trump and Prime Minister Narendra Modi have a deep and personal friendship. Both want quick action. Our President has great respect for the Prime Minister. The Ambassador said that President Trump really feels that Prime Minister Modi stood by him even in difficult times, especially after his defeat in the 2020 elections. When Trump was out of office for four years, many people around the world criticized the president. But, Gore insisted, “India did not do this. Your prime minister did not do this. The president remembers this.”
