The United States (US) is coming close to sealing a trade deal with India, said President Donald Trump, adding that at some point, the US would bring down the tariffs on India.
The Prime Minister's remarks come amid renewed diplomatic momentum aimed at overcoming recent tensions over tariffs and energy policy.
The order modifies the scope of the reciprocal tariffs first announced on April 2, 2025, while also establishing a framework to implement current and future trade agreements with US trading partners.
While the Central government has provided the much-needed relief to the middle class by reducing the GST rate, Indian exporters are reeling under the impact of the 50 per cent tariffs affected by the US administration.
In a post on X, the embassy said, "The partnership between the United States and India continues to reach new heights -- a defining relationship of the 21st century. This month, we're spotlighting the people, progress, and possibilities driving us forward.
The remarks from the Ministry of External Affairs (MEA) came amid escalating trade tensions between India and the United States over India's oil purchases from Russia. US President Donald Trump recently increased tariffs imposed on Indian goods to 50 per cent, in what is seen as a sign of his frustration over failing to stop the Russia-Ukraine war.
Credit ratings agency S&P Global on Thursday upgraded India’s long-term unsolicited sovereign rating from ‘BBB-’ to ‘BBB’, citing strong economic growth, continued fiscal consolidation, and policy stability.
In its revised outlook, Goldman Sachs lowered India's real GDP growth projection marginally by 0.1 percentage point for calendar year 2025 to 6.5% and by 0.2 percentage point for 2026 to 6.4% year-on-year.
The Reserve Bank of India on Wednesday projected India's GDP growth for 2025-26 at 6.5% amid the trade jitters due to the US tariffs.
