Indian Prime Minister Narendra Modi announced on Thursday that India and the United States aim to double their bilateral trade to $500 billion by 2030. Speaking after a meeting with U.S. President Donald Trump in Washington, Modi emphasized the need for a mutually beneficial trade agreement and closer collaboration in artificial intelligence, semiconductors, and strategic mineral supply chains.
“Our teams will work on concluding a mutually beneficial trade agreement very soon,” Modi stated. A U.S. official confirmed that both nations are progressing toward a bilateral trade deal, with hopes of finalizing it this year.
Trump highlighted India's recent tariff reductions on U.S. goods and acknowledged disparities in trade between the two nations. He stressed the importance of a level playing field, stating that the U.S. trade deficit with India could be balanced through increased oil and gas sales.
Addressing long-standing trade barriers, Trump reiterated concerns over India's high tariffs, which he had previously raised during his first term. He announced a new reciprocal tariff policy, ensuring that the U.S. would impose the same tariffs on Indian imports as India applies to U.S. goods.
“It’s very hard to sell into India because they have strong tariffs,” Trump remarked. “We are now a reciprocal nation, meaning whatever India charges us, we charge them in return.”
The U.S. and India continue to strengthen economic ties, with both leaders committed to fostering fair trade, boosting investment, and expanding key industries. As discussions advance, a potential trade agreement could reshape economic relations between the world’s two largest democracies.