In his address to the joint session of Congress on Tuesday, the first of his second term in the White House, Trump criticised the high tariffs charged by India and other countries and termed them as “very unfair”.Addressing lawmakers from the US Capitol, Trump had announced that reciprocal tariffs will kick in next month.Trump had said that the US trade deficit with India is almost USD 100 billion, and he and Modi agreed that “we’ll begin negotiations to address the long-running disparities that should have been taken care of over the last four years – but they didn’t do that – in the US-India trading relationship, with the goal of signing an agreement.”Commerce Minister Piyush Goyal is in Washington for trade talks with his US counterpart Howard Lutnick. As per US estimates, the US’ total goods trade with India was an estimated USD 129.2 billion in 2024.US goods exports to India in 2024 were USD 41.8 billion, up 3.4 per cent (USD 1.4 billion) from 2023.US goods imports from India totalled USD 87.4 billion in 2024, up 4.5 per cent (USD 3.7 billion) from 2023.The US goods trade deficit with India was USD 45.7 billion in 2024, a 5.4 per cent increase (USD 2.4 billion) over 2023.
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