Trump has reiterated that India will not buy large quantities of oil from Russia in the future.
The Trump administration may reduce the 50 per cent tariff imposed on India to 15 per cent, media reports suggest. Have the two countries reached an agreement on reducing tariffs? Is an agreement imminent, and what are the terms of the agreement? Why is the US now prepared to back down after imposing tariffs?
US President Donald Trump celebrated Diwali at the White House on October 21 by lighting a lamp and extending greetings to the Indian community. During the meeting, Trump also mentioned his conversation with Prime Minister Narendra Modi, in which trade was also discussed.
Trump also reiterated that India will not buy large quantities of oil from Russia in the future. Trump made a similar claim last week regarding Russian oil. At that time, Trump stated that Prime Minister Modi had assured him that India would no longer buy oil from Russia. However, the Ministry of External Affairs completely rejected Trump’s claim, stating that no conversation had taken place between the two leaders.
Modi-Trump phone call
Although PM Modi confirmed his phone conversation with Trump this time, India has not issued any statement regarding Russian oil. Trump’s statements are also inconsistent. After discussing lights, diyas, and diplomacy between India and the United States on the occasion of Diwali, he once again returned to the issue of tariffs. According to media reports, the tariff dispute between India and the US is about to end soon. Furthermore, a trade deal between the two countries is also expected to be finalised. The two countries are close to finalising the trade agreement.
-According to media reports, the 50 per cent tariff imposed by the US on India will be significantly reduced after the trade deal is reached.
– The tariff could be reduced from 50 per cent to 15 to 16 per cent.
– This trade agreement could focus on agriculture and energy.
– The agreement could be finalised before the ASEAN summit scheduled for the end of this month.
India may allow increased imports
According to reports, India may allow increased imports of non-genetically modified corn and soybeans from the US. India may also agree to gradually reduce imports of Russian oil. But why is the US so concerned about its agricultural products? The biggest reason for this is the steady decline in corn and soybean exports.
– In 2022, the US exported corn worth over $18 billion, which fell to approximately $14 billion in 2024.
– China is the biggest reason for the decline in US corn exports. China imported US corn worth $5.2 billion in 2022, which fell to just $331 million in 2024.
– On the other hand, China has also dealt a blow to the US in the case of soybeans. In September, China did not purchase soybeans from the US at all.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: dnaindia.com
