U.S. President Donald Trump announced Wednesday, during a visit to South Korea, that the United States and India will soon sign a long-delayed trade deal. His remarks suggest that negotiations between the two major economies are nearing completion after months of deadlock over tariffs, energy imports, and market access.
Talks had been strained by India’s purchase of discounted Russian oil amid the war in Ukraine and by U.S. tariffs that included a 25 percent “penalty” for those imports. Recent reports indicate progress, with Washington reportedly agreeing to reduce tariffs to 16 percent in exchange for India scaling back oil purchases from Russia.
The deal may also include greater Indian imports of non-genetically modified American corn and soymeal, and a mechanism for regular tariff and market-access reviews. Agricultural access has been a key sticking point, as India has maintained strict limits to protect its farmers.
President Trump praised Prime Minister Narendra Modi, describing him as “tough as hell” and “the nicest-looking guy,” while reiterating his disputed claim of helping broker a ceasefire between India and Pakistan in May.
Leave a Reply