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What is the story about?
US President Donald Trump said on Monday, November 10, that the US is very close to making a "fair trade deal" with India, something that will be "good for everybody."
Trump was speaking at the swearing-in ceremony of the US Ambassador to India Sergio Gor. When asked about the progress on the India trade deal, Trump said that they are doing a different deal compared to what they have done in the past.
"We're making a deal with India, a much different deal than we had in the past. So right now, they don't love me, but they'll love us again. We're getting a fair deal, just a fair trade deal. We had pretty unfair trade deals. But we're getting close. Scott, I think we're pretty close to doing a deal that's good for everybody, right? (Referring to Treasury Secretary Scott Bessent).
Indian exports to the US currently attract a 50% tariff rate, at par with Brazil and among the highest in the countries having trade relations with the US. The additional 25% tariff was imposed over India's purchase of oil from Russia. Trump, in the recent past, has reiterated multiple times that India has brought down its purchase of Russian oil, something he repeated on Monday as well.
"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," Trump said.
When asked about the change in the tariff rate, Trump mentioned that they will be brought down from the current 50% level. "At some point, we're going to bring them down."
As ambassador, Sergio Gor will work to fortify our country’s bonds, promote investments in key US industries and technologies, increase American energy exports and expand our security cooperation, the US President added.
Trump was speaking at the swearing-in ceremony of the US Ambassador to India Sergio Gor. When asked about the progress on the India trade deal, Trump said that they are doing a different deal compared to what they have done in the past.
"We're making a deal with India, a much different deal than we had in the past. So right now, they don't love me, but they'll love us again. We're getting a fair deal, just a fair trade deal. We had pretty unfair trade deals. But we're getting close. Scott, I think we're pretty close to doing a deal that's good for everybody, right? (Referring to Treasury Secretary Scott Bessent).
Indian exports to the US currently attract a 50% tariff rate, at par with Brazil and among the highest in the countries having trade relations with the US. The additional 25% tariff was imposed over India's purchase of oil from Russia. Trump, in the recent past, has reiterated multiple times that India has brought down its purchase of Russian oil, something he repeated on Monday as well.
"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," Trump said.
When asked about the change in the tariff rate, Trump mentioned that they will be brought down from the current 50% level. "At some point, we're going to bring them down."
As ambassador, Sergio Gor will work to fortify our country’s bonds, promote investments in key US industries and technologies, increase American energy exports and expand our security cooperation, the US President added.
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