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US President Donald Trump claimed on Friday (March 7) that India has agreed to significantly cut down tariffs on American imports. “India charges us massive tariffs. Massive. You can’t even sell anything in India…They have agreed, by the way; they want to cut their tariffs way down now because somebody is finally exposing them for what they have done,” Trump stated. This announcement follows Trump’s earlier declaration that reciprocal tariffs would be imposed on India starting April 2, in response to what he described as “unfair” trade policies towards the United States.Tariff threat on Canada, China, Mexico, and IndiaJust days ago, Trump defended his decision to impose reciprocal tariffs on countries such as Canada, China, Mexico, and India, with the tariffs set to take effect on April 2.“Our country has been ripped off by everybody and that stops now. I had it stopped in my first term and we’re going to really stop it now because it has been very unfair,” he added. He emphasised that the US has been economically, financially, and trade-wise disadvantaged by several nations.Ongoing trade talks with IndiaTrump’s comments come at a time when India’s Commerce Minister Piyush Goyal, is in Washington for ongoing trade talks with his US counterpart, Howard Lutnick.Also, Ministry of External Affairs spokesperson, Randhir Jaiswal, highlighted the potential of a Bilateral Trade Agreement (BTA) to strengthen ties between the two countries.“The two governments are in the process of advancing discussions on a multi-sector Bilateral Trade Agreement. Through the BTA, our objective is to strengthen and deepen India-US two-way trade in the goods and services sector, increase market access, reduce tariff and non-tariff barriers, and deepen supply chain integration between the two countries,” Jaiswal explained.Trump delays tariffs on Mexico and CanadaTrump on March 6 postponed the imposition of 25 percent tariffs on certain imports from Mexico and Canada for a month, signaling a short-term delay before the full-scale tariffs are implemented starting April 2.In addition, the duties on Chinese goods were doubled to 20 percent, further intensifying the trade war with China.Reciprocal tariffs set to begin from April 2Trump reiterated in his address to Congress on Tuesday (March 4) that the planned reciprocal tariffs would be imposed starting April 2. “And the big one will be on April 2, when reciprocal tariffs, so if India or China, or any of the countries that really…India is a very high-tariff nation,” he warned.The President had previously delayed 25% tariffs on imports from Mexico and Canada for a month, signaling that the full tariffs would be enforced in the coming weeks.US Commerce Secretary urges India to reconsider tariffsIn a related development, US Commerce Secretary Howard Lutnick also weighed in on India’s high tariffs, calling for India to reconsider its position.“India’s tariffs on American products are among the highest globally,” Lutnick said speaking virtually at the India Today Conclave. He urged New Delhi to open up its agricultural market for imports and take a more flexible approach in its dealings with the US, noting the special bilateral relationship between the two nations.Also Read | How India is buckling up for tariff as Trump calls it ‘very high tariff nation’“The good thing is your government truly understands your market, and we understand ours. And the key is to try to find that place. So yes, the Indian market for agriculture, it has to open up,” Lutnick added.As trade talks continue, the potential tariff reductions and the BTA discussions highlight the evolving economic relationship between the US and India. The outcome of these negotiations could have significant implications for India-US trade policies.Also Read | India may ‘escape’ Trump tariffs set to be imposed from April 2. Here’s howCatch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.Business NewsNewsUs NewsUS President Donald Trump claims India has agreed to cut tariffs ‘way down’MoreLess
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