Trade discussions between India and the United States regarding tariffs are currently underway. Amidst these talks, U.S. President Donald Trump advised Apple CEO Tim Cook against manufacturing Apple products in India, suggesting they handle their own endeavors.
Furthermore, Trump made another significant claim by stating that India has made an offer to impose zero tariffs on many U.S. items. According to a Reuters report, President Trump explained that India has proposed reducing tariffs on American goods as it seeks a resolution on India's import tax.
Speaking at an event with business leaders in Qatar on Thursday, President Trump remarked that the Indian government has offered a deal where essentially they are ready to impose no tariffs on us. He highlighted progress in the trade talks between Washington and New Delhi. Speaking in Michigan a day prior, Trump mentioned that tariff negotiations with India are progressing well and a deal is expected soon.
Trump advises Apple against Indian manufacturing
Donald Trump further emphasized that New Delhi's high tariffs are detrimental to American businesses operating in India. He advised Apple CEO Tim Cook to avoid manufacturing in India, hinting at shifting Apple's production to the United States.
The aggressive tariff campaign initiated by Trump aims to reduce the U.S. trade deficit and enhance domestic manufacturing. As a result, Indian exporters, particularly in seafood and metal exports, have been greatly impacted.
Tariffs paused for 90 days
Previously, the United States halted additional duties on Indian exports from April 10 to July 9 for 90 days, drawing optimism for a mutually beneficial agreement during trade talks. This followed Trump's broad decision on April 2, which levied tariffs on imports from nearly 60 countries, including a 26% duty on products such as Indian shrimp and steel.
Surging stock market
The Indian stock market (Stock Market) started trading on Thursday with a decline, but saw a massive surge post an announcement from Donald Trump. The Bombay Stock Exchange's 30-stock Sensex index (BSE Sensex) soared over 1000 points, while the National Stock Exchange's Nifty (NSE Nifty) surged by 300 points, showcasing robust trading activity.
