US President Donald Trump has suggested that a major trade agreement between the United States and India could be coming soon, calling it a "very big one."
'Very Big' Trade Deal With India Coming Soon, Says Trump
The announcement follows recent high-level talks aimed at boosting the economic partnership between US and India.
Speaking at a White House event on Thursday, Trump hinted at the progress being made. "We are having some great deals," he said. "We have one coming up, maybe with India."
Trump's comments come just weeks after American and Indian officials held four days of private talks to lay the groundwork for the deal. These negotiations, which ended on June 10, focused on key issues like making it easier for both countries to sell industrial and agricultural products in each other's markets by lowering taxes (tariffs) and removing other trade obstacles.
The ambitious goal of the potential agreement is to exponentially increase trade between the two countries, aiming to lift it from the current $190 billion per year to $500 billion by 2030.
Top officials from both sides have expressed confidence in the ongoing talks. India's Commerce Minister, Piyush Goyal, recently said the two nations are working toward a "fair, equitable, and balanced agreement" that will benefit both economies. His American counterpart, US Secretary of Commerce Howard Lutnick, also stated that a deal could be finalized soon.
During his speech, President Trump also made it clear that the US would be selective with its trade partners. He noted that for some countries, the US would not pursue deals and would instead apply heavy taxes on their goods.
In the same address, Trump mentioned that he had signed a new trade deal with China on Wednesday. A White House official later confirmed this deal is focused on securing faster shipments of rare earth materials from China to the US, marking a step forward after a period of intense trade friction between the two global powers.
Published At: