The United States and India to promote bilateral trade to $ 500 billion by 2030

Indian Prime Minister Narendra Modi told a joint press conference with US President Donald Trump on Thursday that India and the United States will work on more than just a double double trade to $ 500 billion by 2030.

Speaking at the conclusion of the two leaders meeting in Washington, Modi also said that “our teams will work soon, a commercial agreement beneficial to the two parties.”

Trump has admitted the recent step of India to reduce the customs tariff on selected imports and said he would start talks on commercial variations and hope to reach an agreement.

Moody said that India and the United States will work together to develop artificial intelligence and semi -conductors with a focus on creating strong supply chains for strategic metals.

The notes came hours after Trump signed A presidential note determines his plan to impose “Mutual definitions” on foreign countries, including India.

Trump said that the United States will simply impose the same tariff prices that India receives, while the trade deficit with India by selling oil and gas can be addressed.

India imposes a 17 % simple average A tariff for countries with the most preferred situation, Compared to the United States, which meets 3.3 %. The United States has a MFN position with most major economies.

The total commodity trade in the United States with India is estimated 129 billion dollars in 2024According to the American Trade Representative Office. India’s surplus with the United States, its third largest commercial partner, It reached 45.7 billion dollars last year.

“The noble goal of $ 500 billion in trade,” Raguram Rajan, Professor of Finance at the College of Business Administration at the University of Chicago Booth and the former governor of the India Reserve Bank, told CNBC.Squawk box asia”

India, The largest importer of defense equipment in the worldRajan added that it could be exposed to transferring its imports from Russia to the United States and increasing its purchases of natural gas from the American manufacturers.

“Now, we are a mutual nation … we will have any fees in India, and we are charged. Whatever the charge of another country, we are paid. Therefore, it is called mutual, who I think is the American president at a press conference:

The president said that the mutual definitions will not enter into force immediately, as its administration works to determine the appropriate tariff levels for each country affected.

Trump has already slapped the definitions of China, Canada and Mexico as well as the global tariff for steel and aluminum imports. Trump’s tariff for Canada and Mexico is currently stopping after the two countries pledged to abandon illegal drug smuggling on their borders with the United States

Daniel Balzz, a research fellow at the College of International Studies at S. Rajaratnam, such as the issue of illegal immigration and India’s close relations with Russia, said, such as the issue of illegal immigration and India’s close relations with Russia. He said: “It is unlikely that the latter will disappear any time soon and may remain a painful point between the two sides.”