Hassett also emphasised that Trump’s trade policy is focused on imposing tariffs that are at least equivalent to those levied by other nations.
“If they go down, we’ll go down,” he said, adding, “Almost every trading partner has much higher tariffs than we do.”While countries like Canada, Mexico, and the UK maintain tariffs similar to those of the US, India’s tariffs remain a point of contention.
Ahead of Modi’s visit, Trump is expected to announce new 25% tariffs on steel and aluminum imports and reciprocal tariffs on other goods, set to take effect shortly.
The move comes as part of Trump’s broader approach to trade, which he has often described as unfair, with India labelled as a “very big abuser” in this regard.
Meanwhile, India and the US are set for detailed discussions on trade and tariffs, with a focus on phasing out import duties.
Indian Foreign Secretary Vikram Misri, ahead of PM Modi’s visit to the US, stated that New Delhi expects “a more intense and continuing discussion on tariffs,” acknowledging US President Trump’s criticism of India as a “tremendous tariff maker.”
India’s Finance and Revenue Secretary, Tuhin Kanta Pandey, downplayed fears of potential tariffs, saying, “We should not anticipate what has not been stated. India is not protectionist, and this apprehension is not warranted.”
He emphasised, “We are a very open economy,” highlighting that most US imports to India already face low tariffs, with 6,000 out of 8,400 tariff lines below 100%.
In line with Trump’s trade priorities, India has already reduced tariffs on certain US imports, including high-end motorcycles, benefiting companies like Harley-Davidson.
Additionally, in the Union Budget 2025-26, Finance Minister Nirmala Sitharaman announced a reduction in customs duties on luxury goods like motorcycles, cars, and smartphone parts, with duties on fully imported motorcycles dropping from 50% to 40%.
