U.S. to Review Trade Relations with India; White House Highlights Deficit
A June 26 meeting between President Trump and Indian Prime Minister Narendra Modi included discussion of bilateral trade issues but appears to have resulted in little more in this area than pledges for further cooperation.
In concluding remarks Trump said he would work with Modi to “create a trading relationship that is fair and reciprocal.” Vice President Mike Pence praised India for taking steps in that direction, including measures to simplify and standardize the goods and services tax, strengthen intellectual property rights protections, and lower tariffs on manufactured and agricultural goods. However, Trump stressed the importance of continuing to remove barriers to U.S. goods exports to India and reduce the U.S. trade deficit with that country. Toward that end he noted a recent order for 100 new U.S. planes by an Indian airline and the ongoing negotiation of contracts to export U.S. natural gas and nuclear power-generating equipment to India.
A White House press release adds that the two sides plan to undertake a comprehensive review of trade relations with the goal of expediting regulatory processes; ensuring that technology and innovation are appropriately fostered, valued, and protected; and increasing market access in areas such as agriculture, information technology, and manufactured goods and services.