United States and India to boost bilateral trade at $ 500 billion by 2030

India and the United States will work for more bilateral trade double at $ 500 billion by 2030, Indian Prime Minister Narendra Modi said on a joint press conference with the president of the United States, Donald Trump.

Speaking at the end of the meeting of two leaders in Washington, Modi also said that “our teams will work to conclude very soon, a mutually beneficial commercial agreement.”

Trump recognized the recent movement of India to reduce tariffs on imports from the United States and said that conversations about disparities about trade would begin and expected to reach an agreement.

Modi said India and the United States would also work together in artificial intelligence and semiconductors while focusing strong supply chains for strategic minerals.

The comments arrived after Trump signed a Presidential memorandum establishing your plan to impose “Reciprocal rates” in foreign nations, including India.

The United States would simply charge the same tariff rates that India charges, Trump said, while the commercial deficit with India could approach the sale of oil and gas.

The total trade of US goods with India is estimated in $ 129 billion in 2024according to the Office of the United States Commercial Representative.

India imposes a simple average of 17% tariff on countries with the most favored nation state, Compared to the US, cause 3.3%. The United States enjoys the MFN state with most important economies, except some, including Russia.

The surplus of India with the United States, its third largest commercial partner, It reached $ 45.7 billion last year. In particular, the country is imported Agricultural assets were submitted to strong duties of 39%.

“We are, at this time, a reciprocal nation … we are going to have whatever charges of India, we are charging them. Whatever the collection of another country, we accuse them. So it is called reciprocal, which I think it is A very fair, “said the president of the United States at the press conference.

The president said that reciprocal tariffs will not immediately take effect since his administration works to determine the appropriate rate levels for each affected country.

Trump has already slapped tariffs to China, Canada and Mexico, as well as global tariffs on steel and aluminum imports. Trump’s tariffs on Canada and Mexico are currently in pause after both countries promised to take energetic measures against illegal drug trafficking on their respective borders with the United States.