India-US Trade Deal: 'India will buy American goods worth 500 billion dollars', how true is Trump's claim? Here's the whole truth
India-US Trade Deal: US President Donald Trump has said in a social post that he spoke to Indian Prime Minister Narendra Modi. After which India has agreed to buy goods worth 500 billion dollars from America. Trump said that India will now reduce oil purchases from Russia and will buy more from the US and possibly Venezuela.
Also, he said that a trade deal has also been signed between India and America, in which America has reduced the reciprocal tariff from 25% to 18% (Trump India tariff cut). India will also move towards reducing its tariff and non-tariff barriers to zero.
Trump says all this will help end the war and India will buy $500 billion worth of American energy, technology, agriculture, coal and other goods.
Also read- Good news came late night from America! Trump reduced reciprocal tariff for India, now it will be only 18% instead of 25%
How true is the claim of 500 billion dollars?
Statistics show that Trump's claim of $500 billion does not seem true at all. Currently the total bilateral trade between India and the US is around $200 billion, not $500 billion. This means that Trump's claim of buying $500 billion of American goods does not match the actual trade figures.
Regarding the trade deal, no official announcement has been made public yet by both the governments, in which such a big change or tariff cut has been announced.
Experts say that some sentences in Trump's post have been presented in the wrong sense. India has considered increasing trade and alternatives to Rosto oil, but buying $500 billion of American goods does not seem to be based on real data at the moment.
So for now it can be said that Trump's claim is half-baked and does not match the actual trade data.
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