BlockBeats News, May 9th, two sources said that in order to reach a trade deal with Trump, India has proposed to reduce its tariff difference with the United States from the current nearly 13% to less than 4%, in exchange for Trump's "current and potential" tariff hike exemption.
This would mean that the average tariff gap between India and the United States (calculated on all products, regardless of trade volume) would decrease by 9 percentage points, making it one of the most significant changes made by the world's fifth-largest economy to reduce trade barriers. The United States is India's largest trading partner, with bilateral trade expected to reach around $129 billion by 2024. The current trade balance favors India, with India having a trade surplus of $45.7 billion with the United States. (Jinshi)
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