India and US Announce Trade Deal with Modi and Trump

US President Announces Trade Deal with India, Details Remain Scarce

United States President Donald Trump has announced a trade agreement with India, which includes reduced tariffs on Indian goods. The agreement was reportedly reached during a telephone call between Trump and Indian Prime Minister Narendra Modi.

According to Trump, the deal will reduce tariffs on Indian goods from 50 percent to 18 percent. Additionally, India is expected to stop buying Russian oil, although this has not been officially confirmed by the Indian government.

A joint statement is scheduled to be released once the final details of the agreement have been agreed upon. However, no further information about the contents of the agreement has been provided.

Trump stated that Modi had agreed to eliminate Indian tariffs on US goods altogether, but this claim has not been verified by India. The Indian commerce minister, Priyush Goyal, confirmed that a deal would be signed “shortly,” but did not provide any additional details.

The announcement comes at the end of the first year of Trump’s global trade war, which had seen relations between the US and India deteriorate in recent months. Geopolitical observers and economists have noted significant discrepancies between Trump’s statements and Modi’s subsequent comments on the agreement.

India has not publicly confirmed its decision to stop buying Russian oil, and the country’s tariffs on US goods remain unchanged. The future of US-India trade relations remains uncertain, with many questions still unanswered about the terms of the agreement.

Source: Al Jazeera