AP’s NEW DELHI President Donald Trump of the United States has promised to put an extra 25% duty on India for its purchases of Russian oil, increasing the total amount of tariffs the United States has placed on its partner to 50%. India has referred to the extra levies as regrettable.
Trump’s declaration on Wednesday coincided with ongoing negotiations between the United States and India over a trade agreement that was initially proposed during a meeting between Prime Minister Narendra Modi and Trump in Washington earlier this year but has since encountered obstacles.
Additionally, given the cordial relationship between Modi and Trump, it appears that relationships between the United States and India have deteriorated.
Here’s how the United States’ crucial Asian partner, India, came to be subject to high tariffs:
Mexico, China, and Canada are all subject to tariffs imposed by Trump. Despite frequently referring to India as a tariff king, he first spares the nation but warns of impending high tariffs.
In an attempt to address trade worries, Modi talks with Trump in Washington. Trump threatens to increase American tariffs on Indian goods once more.
By 2030, India and the United States plan to increase bilateral trade to $500 billion and negotiate a trade agreement. They don t share details as to how the target would be achieved.
According to Modi, a deal should be finalized later this year.
In order to begin discussions for the bilateral trade agreement, India’s trade minister, Piyush Goyal, travels to Washington and meets with his counterparts.
In New Delhi, U.S. Vice President JD Vance meets with Modi and reports that trade negotiations are moving forward on both sides.
A step closer to an agreement is reached as the U.S. and India complete the terms of reference for the trade negotiation.
Trump claims that by making potential commercial concessions to both India and Pakistan, he put an end to military hostilities between the two countries. India is angered by Trump s claims anddisputes them.
A group of high-ranking Indian officials is led by Trade Minister Goyal to Washington for more talks. The proposed bilateral trade pact is moving along quite nicely, according to India’s commerce secretary.
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Trump suggests a deal could be imminent. We have some fantastic bargains. He says, “We have a very big one coming up, maybe with India, where we’re going to open up India.”
Another session of talks in Washington ends without a breakthrough when an Indian trade group comes.
According to Goyal, India is prepared to enter into trade agreements for the benefit of the country, not only to fulfill obligations.
Trump has imposed 25% tariffs on goods from India. He deems India’s economy dead and threatens more sanctions for its purchase of Russian oil.
In retaliation for India’s purchases of Russian oil, Trump promises to impose an extra 25% import tax on the nation, raising the total levies to 50%. After 21 days, the tariffs are scheduled to take effect.
