India's Bold Move: Zero-Tariff Trade Deal Offer to the U.S.
The U.S. President Donald Trump announced India's offer of a trade deal with 'no tariffs' for American goods, amidst his dissatisfaction with Apple's investment plans in India. New Delhi aims to finalize the deal during a 90-day tariff pause, offering zero duties on 60% of tariff lines.
U.S. President Donald Trump revealed on Thursday that India has proposed a trade deal featuring 'no tariffs' for American products. However, Trump expressed discontent over Apple's plans to invest heavily in the South Asian nation.
India is keen to finalize a trade deal with the U.S. within a 90-day respite on tariff hikes declared by Trump earlier in April. According to Trump, India presented a deal offering 'no tariffs' making it tough to sell there, as discussed during a gathering in Doha.
Reuters reported that India is willing to eradicate duties on 60% of tariff lines in the deal's preliminary phase while ensuring preferential access for nearly 90% of goods imported from the U.S. This announcement led to a surge in Indian equity benchmarks.
(With inputs from agencies.)
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