'Very close to a deal with India': Trump
What's the story
United States President Donald Trump has said that Washington is "very close" to finalizing a trade deal with India. The announcement was made during a meeting in the Oval Office with Bahrain's Crown Prince and Prime Minister, Salman bin Hamad Al Khalifa. "We're very close to a deal with India, where they open it up," Trump said.
Trade discussions
Limited trade pact
The US and India are currently in talks over a limited trade pact. The deal aims to reduce tariffs, especially keeping them below 20% on certain goods and services. Earlier this month, Commerce Minister Piyush Goyal had stressed that India doesn't rush into deals just to meet deadlines. He indicated that India will only agree to a trade deal with the US if it is properly finalized, well negotiated, and consistent with the country's national interest.
Trade access
Trump's views on tariffs strategy
Trump has credited his administration's tariff strategy with opening doors for American businesses in foreign markets. "You have to understand, we had no access into...these countries, and now we're getting access because of what we're doing with the tariffs," he said. In an interview aired Wednesday by Real America's Voice, Trump reiterated ongoing efforts to expand market access for American businesses, saying, "We've made deals with a lot of great places. We have another one coming up, maybe with India."
Trade agreement
Trade deal with Indonesia
On Tuesday, President Trump also announced a new trade deal with Indonesia. The agreement imposes a 19% tariff on all Indonesian imports to the US. In return, American products will have unrestricted, tariff-free access to Indonesia's markets. This deal replaces an earlier proposal for a 32% tariff and highlights Trump's assertive approach to using tariffs as leverage for better export terms. After the announcement, Trump said that India was negotiating a trade deal similar to one he struck with Indonesia.