President Trump announced that India has offered to drop tariffs on US goods during trade negotiations, aiming to reduce import and export costs. However, India's Foreign Minister disputed Trump's claim, emphasizing that no decisions have been finalized. The trade talks are part of a broader strategy initiated after Prime Minister Modi's White House visit. Following Trump's comments, Indian equity markets rose significantly, reflecting investor optimism about potential trade agreements. The discussions are ongoing as both nations seek a mutually beneficial resolution within a set timeframe.
Trump said on Thursday that India had offered a trade deal that proposed almost no tariffs on US goods, seeking to avert import and export costs.
India was one of the first countries to begin trade negotiations with the US following Prime Minister Modi's visit to the White House in February.
In a statement, India's Foreign Minister Jaishankar said, 'nothing is decided till everything is,' indicating any judgment on the trade deal is premature.
India's equity benchmarks jumped about 1.5 percent following Trump's comments, suggesting optimism in the market regarding potential US-India trade relations.
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