Trump says US getting 'fair trade deal' with India

WASHINGTON: The United States is close to reaching a deal with India that would strengthen economic and security ties between the two countries, boost US energy exports, and promote investment in key US sectors, President Donald Trump said on Monday.

"We're getting a fair deal, just a fair trade deal," Trump told reporters in the Oval Office at the swearing-in of his envoy to India, Sergio Gor. "We're making a deal with India, much different deal than we had in the past."

Trump repeated his optimism that a deal was near, saying, "We're getting close."

Relations between Washington and New Delhi plummeted in August after Trump raised tariffs to 50%, with US officials accusing India of fuelling Russia's war in Ukraine by buying Moscow's discounted oil.

According to media reports surfaced last month, India and the US were nearing a long-stalled trade agreement that would reduce US tariffs on Indian imports to 15% to 16% from 50%.

Citing three people aware of the matter, India’s Mint reported that the trade deal, which hinges on energy and agriculture, may see India gradually scale back its imports of Russian crude oil.

The US president, however, had said that he had spoken to Indian Prime Minister Narendra Modi, largely focusing on the trade.

Trump had said energy was also part of their discussion, and Modi assured him that India would limit its oil purchases from Russia.

Modi had also said that the two leaders had spoken, but provided no details about what was discussed.

“Thank you, President Trump, for your phone call and warm Diwali greetings,” Modi had said on X, referring to the Hindu festival.

“On this festival of lights, may our two great democracies continue to illuminate the world with hope and stand united against terrorism in all its forms,” the Indian PM had said.

As part of negotiations with Washington, India may allow increased imports of non-genetically modified US corn and soymeal, Mint had reported, citing the sources.

The deal may also include a mechanism to periodically review tariffs and market access, the outlet had added.