New Delhi: JP Morgan CEO Jamie Dimon on Tuesday said he was optimistic that India and the United States would seal a trade deal despite tariff and geopolitical tensions.
Speaking to CNBC-TV18, the JP Morgan CEO said US President Donald Trump and Prime Minister Narendra Modi are good friends and a trade deal between the two countries could be done soon.
Dimon said America should find a way to be India’s best friend even as India stays non-aligned. The JP Morgan CEO’s comments assume great significance as India and the United States are locked in a bitter tariff row.
Meanwhile, Commerce and Industry Minister Piyush Goyal and other officials headed to the US for trade talks on September 22. The Indian delegation will be holding discussions with the US team to take forward discussions with a view to achieve early conclusion of a mutually beneficial trade agreement, an official statement said.
India-US Trade Talks: Recent Developments
On September 16, a team of officials from the United States Trade Representative visited India for trade talks. Both the countries termed the discussions as positive and said both the parties decided to intensify efforts in this regard.
The US and India trade talks were hit after US President Trump imposed an additional 25 per cent tariff on goods coming from India as penalty for New Delhi’s continued purchase of Russian oil.
The additional 25 percent tariff led to the increase of the total tariff on Indian goods to 50 per cent.
“The ad valorem duty imposed…shall be in addition to any other duties, fees, taxes, exactions, and charges applicable to such imports…,” the Addressing Threats to the US by the Government of the Russian Federation order signed by Trump stated.
“I find that the Government of India is currently directly or indirectly importing Russian Federation oil. Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent,” it said.