India may sign ‘very big' trade deal with US, says Donald Trump
United States President Donald Trump on Friday said that India could sign a 'very big' trade deal with Washington soon.
The statement comes days before the 90-day suspension of tariffs announced by Trump is set to end on July 9.
'Everybody wants to make a deal and have a part of it,' the US president said during an event at the White House. 'We just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one. Where we are going to open up India.'
On Tuesday, the US and China agreed on a framework to de-escalate trade tensions and remove restrictions on exports of rare earth minerals imposed by Beijing on the North American country.
US Commerce Secretary Howard Lutnick said the agreement would remove restrictions on Chinese exports of rare earth minerals and magnets, and some of the recent US export restrictions 'in a balanced way'.
Trump's so-called reciprocal tariffs imposed on several countries, including a 26% 'discounted' levy on India, took effect on April 9. Hours later, however, Trump had reduced the rates on imports from most countries to 10% for 90 days to provide time for trade negotiations.
The US president had repeatedly said he intended to impose a reciprocal tax on India, among others, citing high tariffs the countries impose on foreign goods.
The tariffs had led to concerns of a broader trade war that could disrupt the global economy and trigger recession.
The Indian government has said that it is in talks with Washington to finalise a bilateral trade agreement between September and November.
An Indian team led by Union Minister of Commerce Piyush Goyal had visited the US in May to negotiate a trade agreement. Following this, a US team of negotiators was in India for a week earlier this month.
On June 3, White House spokesperson Karoline Leavitt said that Washington had asked countries to make their best offer on trade, reported Reuters.
'The United States trade representative sent this letter to all of our trading partners just to give them a friendly reminder that the deadline is coming up,' said Leavitt.
The US reportedly told the countries that they would get responses 'within days' with indications of the tariff rates that could be imposed on them.
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