India’s top trading partner in 2023–2024 is the United States, with $77.51 billion in exports and $42.2 billion in imports during the previous fiscal year.
In response to India’s high tariff on the import of some American goods, U.S. President-elect Donald Trump has reaffirmed his plan to apply reciprocal tariffs.
In addition to making these statements on Tuesday, Mr. Trump said that Brazil and India are two nations that place hefty taxes on specific American goods.
Reciprocal. We impose the same tax on them as we do on them. They impose taxes on us. We impose taxes on them. They also impose taxes on us.
He said such things in response to a query about a possible trade deal with China. According to Mr. Trump, countries that put high taxes on specific U.S. imports include Brazil and India.
“Reciprocal is a crucial word because if someone charges us, like India, we don’t have to discuss our own; if India charges us 100%, do we not charge them the same? We send them a bicycle once they send one in, you know. They bill us between $100 and $200. India has high prices. Brazil has high prices. At a press conference at Mar-a-Lago, Mr. Trump stated, “If they want to charge us, that’s fine, but we’re going to charge them the same thing.”
In response to a query, his choice for Commerce Secretary Howard Lutnick stated that “reciprocity” would be a major focus of the Trump administration. “You should expect to be treated the same way you treat us,” he remarked.
Mr. Trump asserted during his October campaign that India levies the highest tariffs on goods from other countries. But they smile as they do it.
Reciprocity is perhaps the most crucial component of my strategy to restore America’s extraordinary wealth. Since we often don’t impose tariffs, this word is crucial to my strategy. Mr. Trump had stated on Thursday in October, “I started that process, it was so great, with the vans and the small trucks, etc.”
Mr. Trump has made numerous accusations in 2019 that India is a “tariff king” and that it levies “tremendously high” tariffs on goods made in the United States.
India’s “high tariffs” on American paper goods and the recognizable Harley-Davidson motorcycles have drawn criticism from him.
In 2023–2024, India’s top trading partner is the United States. In the previous fiscal year, India’s total imports were $42.2 billion and its total exports were $77.51 billion.
Between April and October of this fiscal year, the nation’s imports increased by 2.46% to $26 billion, while its exports to America increased by 6.31% to $47.24 billion.
India’s product exports to the United States increased by 46% from FY 2020 to FY 2024, from $53.1 billion to $77.5 billion.
Additionally, U.S. imports increased from $35.8 billion in 2019–20 to $42.2 billion in the most recent fiscal year.
However, from $54.1 billion in 2018 to an expected $70.5 billion in 2024, the two countries’ trade in services increased by 30.3%.
India is also a major location for American companies in industries including IT, manufacturing, and professional, scientific, and technical services. The third-largest investor is Washington. From April 2000 to June 2024, India received $66.7 billion in foreign direct investment.
