India gears up for a potential trade deal as Trump targets China, say government sources
To tackle Trump's threat of a «reciprocal tax» on Indian goods for high tariffs, some officials of the Indian commerce ministry are ready to consider cuts on certain products such as pork, a senior government source said. Currently India slaps about a 45% import tariff on pork, which is mostly supplied by the U.S.
Tariffs could also be reduced on high-end medical devices such as pace makers and luxury motor-cycles, including Harley Davidson, said a second official with direct knowledge of trade issues, citing the 25% to 60% tariffs on these products.
With bilateral trade between India and the U.S. exceeding $118 billion in the 2023/24 fiscal year ending in March, and India enjoying a $32 billion trade surplus, the country is readying for trade talks with the U.S., aiming to clinch a broader trade and investment deal once president-elect Donald Trump takes office.
To address Trump's concerns over the trade imbalance, officials have also proposed buying more LNG and defence equipment from the U.S., the second official said.
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