US President Donald Trump has once again reiterated his point about the trade deal with India. He said that soon a big deal is going to be with India. They want to remove all their business obstacles, which are unlikely. Addressing a press conference at the White House, Trump said that the US would reach an agreement with India where we will have the right to go and trade.
Donald Trump’s statement came before the deadline of Tariff on 9 July. Trump said that a deal is being done from many countries, one of which is going to be from India. He said that we are going to reach such a deal with India, where we will have the right to go to business. It is currently banned. You can go there and you can’t even think about it.
This is going to happen to India, I do not believe …
Trump further said that we want to completely eliminate trade barriers, which is unknown. I am not sure that this is going to happen from India. But at this time we agree to go to India and do business. Trump said that he will send a letter in the next one and a half weeks and tell the countries what the tariff rate will be paid to the US. He told Deadline that July 9 is not a deadline.
We can do whatever we want: Trump
The US President said that July 9 is not the deadline of tariff. We can do whatever we want. We can increase it and also reduce it. I want to reduce it. I want to send a letter to everyone that congratulations you are paying 25 percent tariff. Trump said that the US completed the deal with China amidst tariff war between the world’s two largest economies.
Burning in trade talks between India and America
A report by Reuters states that US President Trump’s statement came at a time when business talks between India and America are stuck due to disagreement over the import tax on auto parts, steel and agriculture goods. India is insisting on withdrawing 26 per cent of the proposed recipes, which is going to be implemented from 9 July.
American officials are not agreeing
At the same time, the existing American tariff on steel and auto parts is also discussing the concession. But three Indian government officials told the Reuters that American negotiaters have not yet agreed to the demands. Sources told Reuters that India has offered a tariff cut on almonds, pistachios and nuts and is willing to provide preference to American imports in areas such as energy, auto and defense.
Significantly, on April 2, Trump announced mutual tariffs on more than 200 countries and imposed 26 percent tariff on India. The base line of tariffs, which came into force on April 9, was 10 percent, of which the high rate was 49 percent. However, on April 10, Trump announced a 90 -day break after the global market fell at a record low.