US President Donald Trump imposed 50% tariffs on India, which severely impacted several industries. The decision came as a major setback for India, especially since Prime Minister Modi and Trump seemed to share a close relationship.
India, however, responded with resilience by promoting the 'Made in India' campaign. There was also emphasis on Atmnirbhar Bharat. To Trump's embarrassment, Indians remained calm, waiting for the US government to rethink its stance.
Recent reports suggest that Donald Trump and the US government are set to cut penal tariffs on Indian goods by 25% by November 30. Chief Economic Advisor V Anantha Nageswaran shared this update at a Merchant Chamber of Commerce and Industries meeting in Kolkata.
Additionally, reciprocal tariffs are expected to be reduced from 25% to 10%. A resolution could be finalised within 8 to 10 weeks as trade discussions progress.
It is also known that Trump conveyed birthday wishes to PM Modi over a phone call.