Summary
- President Trump announced that an agreement had been reached on India's tariff reduction.
- The trade volume between the U.S. and India was $129.2 billion last year, with India recording a surplus in trade with the U.S.
- Prime Minister Narendra Modi stated that he promised to sign a trade agreement and expand imports of American products.
U.S. President Donald Trump said regarding tariff negotiations with India that "(India) has agreed to significantly lower tariffs."
According to Bloomberg and other sources, President Trump told reporters on the 7th (local time), "India imposes enormous tariffs on us" and "there is nothing we can sell in India."
President Trump continued, "But now India wants to drastically reduce tariffs" and added, "because someone is finally exposing what they have been doing."
This is interpreted as his claim that he raised issues about India's high tariffs, which led to negotiations for tariff reduction.
Since last year's presidential election, President Trump has called India "a very big villain in trade," saying that India has been recording a large trade surplus against the U.S. through tariffs.
Based on last year's figures, the total goods trade volume between the U.S. and India was $129.2 billion (about 187 trillion won), with the U.S. being India's largest trading partner. Additionally, India recorded a trade surplus of $45.7 billion (about 66 trillion won) with the U.S.
In response, Indian Prime Minister Narendra Modi met with President Trump at the White House last month and promised to sign a trade agreement to increase bilateral trade volume to more than $500 billion (about 725 trillion won) by 2030, purchase American weapons, and expand energy imports.
Shin Min-kyung, Hankyung.com reporter radio@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
