President Donald Trump has said the United States is “pretty close” to finalising a “fair trade deal” with India, while indicating that Washington will lower tariffs imposed on New Delhi “at some point.”
“We're making a deal with India, much different deal than we had in the past. So right now, they don't love me, but they'll love us again,” Trump said on Monday during a ceremony in the Oval Office, where Sergio Gor was sworn in as America’s Ambassador to India by US Vice President J D Vance.
Trump said the new agreement would ensure more balanced trade between the two nations. “We’re getting a fair deal, just a fair trade deal. We had pretty unfair trade deals. They’re very good negotiators, Sergio, so you have to take a look at that, if you would please,” he remarked.
“But we’re getting close. Scott, I think we’re pretty close to doing a deal that’s good for everybody,” Trump added, addressing Treasury Secretary Scott Bessent, who was present at the ceremony. “That’s right,” Bessent responded.
Taking a swipe at his predecessor, Trump continued, “In the old days, do you think (former US President Joe) Biden would ask that question? I don’t think so. ‘How are we doing with India?' He didn’t know about India. He didn’t know a damn thing. That’s okay.”
Asked whether he was considering lowering tariffs on India, Trump said, “Well, right now the tariffs are very high on India because of the Russian oil, and they’ve stopped doing the Russian oil. It’s been reduced very substantially. Yeah, we’re going to be bringing the tariffs down.”
“At some point, no, at some point, we’re going to be bringing them down. Without tariffs, this country would be in such trouble as they were for many years,” he added.
Relations between Washington and New Delhi have faced strain since Trump imposed 50 per cent tariffs on Indian goods, including 25 per cent related to India’s procurement of Russian oil. India described the move as “unfair, unjustified and unreasonable,” asserting that its energy policy is determined by its national interests.
So far, five rounds of negotiations have been held toward finalising the first phase of the bilateral trade agreement.
Last month, an official in New Delhi had said that the two countries are “very near” to concluding the proposed deal, as both sides are converging on most issues. The official noted that discussions were focused on “sorting out the language of the agreement.”