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US President Donald Trump has announced that Washington plans to reduce tariffs on Indian goods, confirming that the two countries are close to signing a new trade agreement. At present, India faces the world’s highest tariff rate of 50%, largely due to additional duties imposed after buying Russian oil. Speaking at a White House press briefing, Trump said, The tariffs on India are very high because of Russian oil, but since they’ve stopped that, the rates will be brought down significantly. During the swearing-in ceremony of Sergio Gor, the new US Ambassador to India, Trump called India one of America’s most important strategic partners and praised his excellent relationship with Prime Minister Narendra Modi.
He described India as a great civilization, the largest country in the world with over 1.5 billion people, and a fast-growing economy with a strong middle class. Trade experts say India should seek at least a 15% tariff reduction, similar to concessions given to the UK and Japan, to remain competitive against China and Vietnam. Vietnam currently enjoys a 20% tariff rate and is rapidly expanding its exports.
Energy cooperation is also expected to strengthen ties, with India planning to increase energy imports from the US. Commerce Minister Piyush Goyal earlier said India’s energy security would have “a major US role” in the future, particularly in nuclear and small modular reactor (SMR) technology.
The US recently signed a similar nuclear energy agreement with Hungary, aiming to develop up to 10 SMRs worth $20 billion, reflecting Washington’s growing focus on civil nuclear partnerships worldwide.
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