‘India can be the first country to trade trade with America,’ US Finance Minister gave reasons
When US President Donald Trump has shocked the world’s economy with his tariff policy, auspicious signs are seen for India. Very soon the trade agreement between India and the US may be approved. The US Treasury Secretary (Finance Minister) Scott Besant has hoped that Bharat can become the first country to sign the trade agreement with Washington as the issues are simple, which will make the agreement “very easy”. He said on Wednesday, 23 April that the trade talks between the two countries are “very close” to reach an agreement.
In a meeting in Washington, the International Monetary Fund and the World Bank’s summer meetings, he told reporters, “Non-tariff trade obstacles are less in India, obviously, no manipulation has been done in currency, there is very little government subsidy, so it is very easy to reach the agreement with Indians.”
Meanwhile, US Vice President J.D. Vance visited India and interacted with Prime Minister Narendra Modi on business issues. JD Vance had earlier indicated that there has been adequate progress in the talks. Speaking in Jaipur on Tuesday, JD Vance said, “We are formally encouraging that the US and India have officially finalized terms of references for business talks.”
He said, “This is an important step towards realizing the outlook of President (Donald) Trump and Prime Minister Modi as it prepares a roadmap towards the final agreement between our countries. I believe that America and India can achieve a lot together.”
The two leaders said that they have created a roadmap to pursue trade talks and enable India to avoid 26 percent tariffs. In fact, along with all countries, Trump also imposed a 26 percent recipe on India. However, these tariffs of all countries except China were banned for 90 days (just 10 percent basic tariff is being taken). Trump has said that if there is no agreement, then reciperook tariff on those countries will be effective in July.
He said at the Hoover Institute of Stanford University on Monday, “India’s largest and top trading partner is America, and its importance in today’s government in India has not diminished.”
In a meeting with Indian migrants, he said that he hoped that the first part of the trade agreement will be completed till the autumn (in the cold). He said, “America is our biggest business partner with which we need to make a compromise.”
Significantly, the bilateral trade between the two countries last year was $ 129 billion, with a $ 45.7 billion trade surplus in favor of India. That is, India sends goods worth $ 45.7 billion more than the price that is imported from America in India.
