New Delhi: Indian Prime Minister Narendra Modi has said that he had a phone conversation with US President Donald Trump, in which the two leaders reviewed the positive progress made in trade talks and agreed to maintain close contact in the coming weeks.
According to the foreign news agency Reuters, a new round of trade talks between India and the United States is expected to begin soon after recent meetings in Washington.
The US government has imposed 50% tariffs on most Indian exports, the highest of any US trading partner. The decisions are affecting nearly $50 billion worth of Indian exports, including textiles, gemstones, jewelry and fish products.
The tariff was doubled at a time when India continued to import oil from Russia. The US maintains that purchases of Russian oil are providing financial support for Moscow's war activities, but India rejects these accusations as "double standards".
The Modi government has reduced taxes on a number of items in recent tax reforms to reduce the impact of tariffs. These items include shampoo, cars and everyday products.
According to data, a fifth of India's total exports in 2024 were sent to the United States, while the new tariffs are affecting about three-quarters of Indian products.
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