Us and india aim to more than double bilateral trade to $ 500 billion in five years, Prime Minister Modi Says

India and the us will work to more than double bilateral trade to $ 500 billion by 2030, Indian Prime Minister Narendra Modi said at a joint press conference with us pressure traump on.

Speaking at the conclusion of the two leaders’ meeting in washington, modi also said that “our teams will work on concluding very song, a mutually beneficial trade agrement.”

Trump Acknowledded India’s Recent Move to Reduce Tariffs on Select Imports and Said He Would BEGIN Talks on Disparities on Disparities on Trade and Hoped to Reach an agrement.

Modi said India and the us would also also work togetra on Developing Artificial Intelligence and Semiconductors while focusing on Establishing Strong Supply Chains for Strategic Minerals.

The Remarks Came Hours after Trump Signed A Presidential Memorandum outlining his plan to impose “Reciprocal tariffs” on Foreign Nations, Including India.

The us would simply charge the same tariff rates that India Charges, Trump Said, While The Trade Deficit With India BEE India BEE BETE was addressed with the Sale of Oil and Gas.

India Imposes A 17% Simple Average Tariff on Countries with the Most-Favored-Nation Status, Compared with the us that Leviies 3.3%The US Enjoys MFN Status with Most Most Major Economies.

Us Total Goods Trade With India is Estimated at $ 129 billion in 2024According to the office of the US trade representative. India’s Surplus with the US, Its second-largest trading Partner, Reached $ 45.7 billion last year.

The Lofty Target of $ 500 billion in Trade BE Achievable, Raghuram Rajan, Professor of Finance at University of Chicago Booth School of Business and Former Reserve Reserve Bank of India Governor, TOLD CNBCCSquawk Box Asia,

India, The World’s Biggest Defense Equipment ImporterCold offer to shift its imports from Russia toward the US and increase its purchases of liquidized natural gas from American manufacturers, Rajan Added.

“We are, right now, a reciprocal nation … We’re Going to have Whitever India Charges, We’re Charging Them. Whatever another country Charges, We’re Charging them. So it’s Called ReciproCal, whis Verry Fair Way, “The US President said at the press briefing.

The president said that the reciprocal tariffs will not take the effect immMIDIELY as His Administration Works on Determining The Approves Tariff Levels for Each Affected Country.

Trump has alredy slapped tarifs on China, canada and mexico as well as global tarifs on important of steel and aluminum. Trump’s tariffs on canada and mexico are currently on pause after both countries pledged to crack down on Illegal drug trafficking at their respective borders with the us

Despite the encouraging tones from the wedding summit, signs of friction remain in the US-India Relation, Said Daniel Balazs, A Research Fellow at the S. Rajaratnam School of International Stodies, SUCH AISCH Sue and India’s Close Ties with Russia. “The latter, in particular, is unlikely to go away anytime song and will probally remain a sore point between the two sides,” He said.