Donald Trump Tacks Toward India on Trade Front
U.S. President Donald Trump asserts India's intentions to eliminate tariffs entirely on American products, although with reservations...
In a casual chat with Fox News, President Donald Trump declared India as a prime example of a nation riddled with business barriers that he is hell-bent on ripping down.
"They make it impossible for businesses to thrive," Trump stated, "But guess what? They're ready to scrap 100% of their tariffs for the United States."
However, Trump's statements regarding the closeness of a potential deal were ambiguous. "It'll happen soon enough,"he added, yet "I'm in no rush."
Trump's comments imply a possible shift in several nations' trade relations with the United States prior to the expiration of the import duty pause in July. It seems these nations might need to endure unilateral decisions made by the U.S. regarding the applicable tariff rates.
The remarks come as the Trump administration eyes a broad reshaping of global trade dynamics. Trump stated earlier that he aims to set new import duty rates for trading partners within the "next two to three weeks."
Pushing the Boundaries in US-India Trade Negotiations
It's got everyone wondering, is the US-India trade deal ink-bound? Acccording to Trump, yes, but the Indian External Affairs Minister S. Jaishankar clarified that these negotiations are far from over.
"Between India and the US, trade talks have been ongoing. These are complicated negotiations,"Jaishankar said, "Nothing is decided till everything is."
So, while Trump talks big, Jaishankar emphasized that any agreement needs to benefit both countries and the negotiations are still ongoing.
Expanding Ties Beyond India
Trump also flirted with the prospect of increased trade with India's rival, Pakistan. "I'm using trade to settle scores and make peace," he stated.
In a bid to mediate between India and Pakistan amid their border disputes, Trump mentioned that expanding trade could be a factor in his efforts. As tensions continue, the US has been attempting to de-escalate the trade war with China, a move Trump frames as a gesture of kindness towards the world's second-largest economy.
"If I didn't do that deal with China, I think China would have crumbled," Trump said, adding that the US slashed its rate on China to 30%, while China lowered theirs to 10%.
(With Bloomberg inputs)
Key Takeaways:
- Trump claims India is willing to remove all tariffs on US goods, yet negotiations are ongoing and complex.
- The US aims to set new import duty rates for trading partners within the "next two to three weeks."
- Trump has also been attempting to facilitate increased trade with India's rival, Pakistan, as a means to mediate border disputes between the two nations.
- The complex negotiations between the United States and India suggest that a US-India trade deal is not yet finalized, despite President Trump's assertions.
- Recently, President Trump has signaled his intent to set new import duty rates for trading partners within the "next two to three weeks."
- Beyond his efforts with India, Trump has expressed interest in expanding trade with India's rival, Pakistan, as a potential means to mediate border disputes between the two nations.
