India Index founder and CEO Samir Kapadia discusses the benefits of President Donald Trump’s trade deal with India on ‘Mornings with Maria.’
The US and India have reached an interim trade deal that will reduce tariffs in both countries, a joint statement said on Friday.
“The Interim Agreement between the United States and India will represent a milestone in our countries’ relationship, reflecting a mutual commitment to balanced and balanced trade based on common interests and tangible results,” the statement said.
The US trade ambassador, Jamieson Greer, praised President Donald Trump’s “deal-making”, saying that “we are opening one of the largest economies in the world to American workers and manufacturers, lowering tariffs on all American industrial goods and many agricultural products.”
He added that Friday’s announcement “shows the deepening of the relationship between the United States and India as it creates new opportunities for farmers and entrepreneurs in both countries. I thank Indian Minister of Commerce and Industry Goyal for his leadership and commitment to achieving fair and balanced trade with the United States.”
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President Donald Trump and Indian Prime Minister Narendra Modi shake hands before their meeting at Hyderabad House, February 25, 2020, in New Delhi, India. (AP Photo/Alex Brandon, file/AP Newsroom)
This comes after Trump said on Monday that the US and India had agreed on a trade deal after his phone call with Indian Prime Minister Narendra Modi.
Under the terms of the agreement, India will “eliminate or reduce tariffs on all US industrial goods” and other food and agricultural products such as animal feed, tree nuts and fruits.
In return, the US will apply an equivalent tariff of 18% on goods from India, including “textile and clothing, leather and footwear, plastic and rubber, natural chemicals, home decor, art products, and certain machinery.”
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A panel in Ahmedabad, India, in 2020 for President Trump, the first lady and Indian Prime Minister Narendra Modi. (Reuters/Amit Dave/Reuters)
In the successful conclusion of the interim agreement, the US will also remove similar tariffs on other products, “including generic medicines, precious stones and diamonds, and aircraft parts,” according to a joint statement.
The previous 50% tariff on Indian goods was reduced so that India would stop buying Russian oil and reduce trade barriers.
Deendayal port in Kandla in the western state of Gujarat, India. (Reuters/Amit Dave/Reuters)
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The agreement added that “India intends to buy $500 billion worth of US energy products, aircraft and aircraft parts, precious metals, technology products, and cooking coal over the next 5 years.”
A formal trade agreement between the two countries is expected in March.
