India has agreed to significantly reduce its tariffs on imports of goods from the US. “For example, India has some of the highest tariffs in the world. We will not tolerate that. And they have already agreed to reduce them. They will reduce them to nothing“, said US President Donald Trump, answering questions from journalists at the beginning of talks with Canadian Prime Minister Mark Carney at the White House.
As reported by the news agency Bloomberg on April 25, India and the US have finally settled the terms of trade in goods and services in negotiations for a bilateral trade agreement. Indian Prime Minister Narendra Modi and US Vice President J.D. Vance noted “significant progress“ in New Delhi on April 21 in preparing the agreement. They formally announced the completion of work on the rules of the negotiations and outlined a roadmap for further discussions on economic priorities. The White House said the new agreement aims to expand bilateral trade and integrate it into supply chains “in a balanced and mutually beneficial manner“.
Washington and New Delhi began discussing the conclusion of a bilateral trade agreement after the Indian Prime Minister's visit to the United States in early February. The United States is the republic's largest trading partner. Bilateral trade reached $ 129 billion in 2024, with a surplus of $ 45.7 billion in India's favor.