Washington (TDI): US President Donald Trump said on Monday that the United States is nearing a trade deal with India aimed at expanding economic and security cooperation, boosting US energy exports, and promoting investments in key American sectors.
“We’re getting a fair deal, just a fair trade deal,” Trump told reporters in the Oval Office during the swearing-in of his envoy to India, Sergio Gor. “We’re making a deal with India, a much different deal than we had in the past. We’re getting close.”
Relations between Washington and New Delhi had cooled in August after the US raised tariffs to 50%, amid concerns that India was supporting Russia’s war in Ukraine by purchasing discounted Russian oil.
Media reports last month indicated that India and the US were approaching a long-delayed trade agreement that would lower US tariffs on Indian imports to 15–16% from the current 50%. The deal which focuses on energy and agriculture, could involve India gradually reducing its imports of Russian crude oil, according to media reports.
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Trump confirmed that he had spoken with Indian Prime Minister Narendra Modi, with trade forming the main topic of discussion. Energy was also addressed, with Modi reportedly assuring Trump that India would limit its Russian oil purchases.
Prime Minister Modi acknowledged the conversation, tweeting his gratitude, “Thank you, President Trump, for your phone call and warm Diwali greetings. On this festival of lights, may our two great democracies continue to illuminate the world with hope and stand united against terrorism in all its forms.”
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As part of ongoing negotiations, India may also increase imports of non-genetically modified US corn and soymeal. The prospective deal could include a mechanism to periodically review tariffs and market access.
