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India to cut tariffs on US goods, seeking to avoid trade war
India is doing everything it can to avoid a trade war! Experts believe this will foster productive cooperation between the Asian country and the United States. According to the Hindustan Times, India has agreed to reduce tariffs on American cars and has expressed willingness to significantly lower tariffs on several goods, including some agricultural products. This move is expected to increase trade between the two countries to $500 billion by 2030.
Currently, New Delhi is prepared to reduce tariffs on premium motorcycles from the current 110% to 100% and on American bourbon from 50% to 30%. In addition, India plans to implement zero tariffs on certain volumes of lentils and peas.
"India charges us massive tariffs. Massive. You can't even sell anything in India... They have agreed, by the way; they want to cut their tariffs way down now," US President Donald Trump previously commented on India's policy.
Earlier, Indian authorities announced wide-ranging cuts in imports of cars, chemicals, electronics, pharmaceuticals, and medical equipment in bilateral trade with the United States. This move is aimed at reducing vulnerability in a potential trade war. The Indian government has also focused on sectors where the US has a positive trade balance with significant exports to Asia's third-largest economy.
Published 17 March 2025
© InstaFintech Group
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© InstaFintech Group
