India agrees to slash tariffs amid growing trade tensions with US, claims President Trump – CNBC TV18

In a big declare, US President Donald Trump introduced on Friday, March 7, that India has agreed to scale back tariffs considerably. Trump’s assertion comes amid his outspoken references to India’s trade insurance policies, which appear to have dominated the headlines because the world’s largest economic system and the fastest-growing economic system make efforts to reboot ties beneath the brand new administration.

“India expenses us huge tariffs. You possibly can’t even promote something in India,” Trump stated in his remarks. “They’ve agreed, by the way in which; they need to lower their tariffs approach down now as a result of any individual is lastly exposing them for what they’ve finished.”

#WATCH | Washington, DC: US President Donald Trump says, “…India expenses us huge tariffs. Huge. You possibly can’t even promote something in India…They’ve agreed, by the way in which; they need to lower their tariffs approach down now as a result of any individual is lastly exposing them for what they’ve… pic.twitter.com/XwytKPli48

— ANI (@ANI) March 7, 2025

For example, Trump has batted for tariff-free entry for Tesla and Harley-Davidson bikes, threatening reciprocal motion. India has already lowered auto tariffs from 110% to 70% and launched a separate coverage for EV imports.

Not simply that, the Indian authorities has not too long ago launched a number of trade measures, together with a discount in alcohol import duties, most notably on whiskey. The obligation on Scotch whisky, which had been one of many highest on the earth, was slashed by 50% earlier this 12 months.

The transfer has been seen as an indication of India’s willingness to ease trade limitations and foster higher relations with its international companions, together with the US.

After a gathering between Trump and Indian Prime Minister Narendra Modi final month, the 2 nations agreed to resolve tariff rows and work on the primary section of a deal by the autumn of 2025, aiming for bilateral trade value $500 billion by 2030.

Indian trade minister Piyush Goyal is on a virtually week-lengthy journey to the U.S. and on Tuesday met U.S. Commerce Secretary Howard Lutnick to pursue trade talks.

Actually, US Commerce Secretary Howard Lutnick referred to as for strengthening India-United States trade ties whereas additionally underscoring the necessity for India to open up its agricultural market. Talking nearly on the India Right this moment Conclave, Lutnick highlighted the importance of India’s agricultural trade within the context of US President Donald Trump’s plans to impose reciprocal tariffs on buying and selling companions, together with India.

In response to Trump’s assertion, the Ministry of Exterior Affairs (MEA) remained cautious, reiterating that each nations are within the midst of ongoing talks to attain a mutually helpful deal.

“The 2 governments are advancing discussions on a multi-sector Bilateral Trade Settlement (BTA),” stated MEA spokesperson Randhir Jaiswal. “Via the BTA, we goal to strengthen India-US trade in items and providers, improve market entry, and scale back each tariff and non-tariff limitations, thus deepening our provide chain integration.”