SEOUL, South Korea, 29 October (H.S.): – President Donald Trump announced on Wednesday that a long-awaited trade agreement between the United States and India is set to be finalized. The President's comments, made during the last stop of his Asia tour in South Korea, suggest a breakthrough in negotiations that have been stalled for months over several contentious issues.
The talks have been punctuated by disagreements, primarily concerning India's purchase of discounted Russian oil, high US tariffs on Indian goods, and Washington's desire for access to India's protected agricultural and dairy markets.
Speaking to reporters, President Trump expressed optimism about the deal and reiterated his strong relationship with Indian Prime Minister Narendra Modi. I'm doing a trade deal with India and have great respect and love for Prime Minister Narendra Modi… we have a great relationship, he stated.This development follows recent reports that a compromise was reached on two major sticking points.
The United States has reportedly agreed to reduce its 'reciprocal' tariff on Indian goods to 16% from a proposed 50%. This concession is believed to be in exchange for India agreeing to scale back its crude oil imports from Russia. The potential agreement may also include provisions for India to increase its imports of non-genetically modified American corn and soymeal.
During his remarks, President Trump also took credit for mediating the May 10 ceasefire between India and Pakistan, a claim New Delhi has previously denied. He praised the Indian leader, describing Prime Minister Modi as the nicest-looking guy but also tough as hell, while recounting his version of the de-escalation of border tensions between the two nuclear-armed nations.
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Hindusthan Samachar / Jun Sarkar
