Donald Trump’s reciprocal taxes, which were announced earlier this month, were set at 26% for imports from India.
Trade negotiations with India are “coming along great,” according to US President Donald Trump, who also stated his confidence in reaching an agreement.
But unlike his advisors, the president did not rush the negotiations.
Before leaving for a rally in Michigan state to celebrate his accomplishments in the first 100 days of his second term, he told reporters at an airport, “India is coming along great.” “They want to make a deal, so I think we’ll have one with India.”
In the wake of the global trade crisis brought on by President Trump’s repeated rounds of tariff escalation, including a reciprocal tariff on almost all of America’s trading partners, Treasury Secretary Scott Bessent, who has been spearheading negotiations with trading partners in Asia, has hinted that a deal with India is likely to be the first to be signed.
President Trump’s reciprocal levies, which were announced earlier this month with the goal of leveling import charges and reversing the trade imbalance that benefits India, set the import rate at 26%. With the exception of China, whose exports to the US will be subject to a 145% tax, it is reduced to 10% for 90 days and applies to all trading partners.
The Trump administration has been promoting India’s trade agreement as the ideal result of President Trump’s tariff attack on international trade.
One of the first trade agreements we will likely negotiate would be with India, Treasury Secretary Bessent told CNBC.
According to Bessent, the first trade agreement is anticipated this week or the following.
In contrast to China, India made it obvious that it wants a deal by acting quickly to pursue one rather than retaliate for President Trump’s retaliatory tariffs.
Although there aren’t many details about the agreement, the US has long demanded significant reductions in import taxes on cars.
