US President Donald Trump has said, India is working on a trade deal similar to the one recently signed between the US and Indonesia. That deal allows US goods to enter Indonesia tariff-free, while Indonesian exports to the US face a 19 per cent tariff.
India is working along that same line, Trump told reporters in Washington, adding that the US will gain more access to the Indian market. However, it’s unclear if India will agree to the same terms, which could be difficult for New Delhi to accept.
Trump has set an August 1 deadline for trade deals with multiple countries, including India. If no deal is reached, the US may impose tariffs of up to 35 per cent.
Earlier, Trump warned that countries buying energy from Russia, including India, could face a 100 per cent tariff unless Russian President Vladimir Putin agrees to a peace deal with Ukraine within 50 days. The aim is to cut off funding to Russia and pressure buyers to help end the war.
Meanwhile, US Republican Senator John Thune has said he would delay a bill seeking to impose a 500 per cent tariff on Russian energy imports. Trump suggested such legislation might not be necessary, as he can act through executive measures.
Trump also emphasised that the US is gaining market access to countries like Indonesia through its tough tariff policies, especially for vital resources like copper and rare earth minerals.
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