US President Donald Trump has once again praised Prime Minister Narendra Modi, describing him as a "fantastic" man. Speaking at the World Economic Forum (WEF) in Davos, Switzerland, Trump expressed optimism about reaching strong and significant trade deals with India.
Trump hints at new trade deals
Trump had previously imposed a 50 per cent tariff on Indian goods, along with an additional 25 per cent duty on these products when purchasing fuel oil from Russia. These measures stalled the trade deal process between India and the United States. Nevertheless, Trump claimed that discussions about a potential deal with India were in their final stages and could be concluded quickly.
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Just last week, India stated that the two countries had come close to an agreement several times since initiating discussions in February last year. Speaking to Indian media at the WEF, Trump reiterated his hope for a favourable agreement. He referred to Modi as his good friend, expressed respect for him, and emphasised that America will have a very good deal with India.
Bilateral trade targets
India and the United States had set a target to increase bilateral trade to $500 billion by 2030. However, various factors prevented an agreement from being finalised last year. Trump’s remarks at Davos signal renewed optimism about advancing trade relations and potentially reaching a significant deal in the near future.
