US President Donald Trump says the United States has signed a trade agreement with China, and hinted that a “very big” trade deal could soon follow with India.
In his speech hinting towards trade deals, Trump said, “Everybody wants to make a deal and have a part of it. Remember a few months ago, the press was saying, 'You really have anybody of any interest? Well, we just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India, in the China deal, we are starting to open up China.”
Trump asserted that deals will not be made with every other nation. “We're not going to make deals with everybody. Some we are just going to send them a letter, say thank you very much. You are to pay 25, 35, 45 percent. That's the easy way to do it, and my people don't want to do it that way. They want to do some of it, but they want to make more deals than I would do,” he said.
However, Trump did not elaborate on the details of the deal signed with China.
Earlier in June, CNN reported that the United States and China reached a new trade agreement, reviving terms first agreed to in Geneva last month, after escalating tensions led to a virtual halt in bilateral trade.
The trade truce had brought temporary relief to global markets, businesses, and consumers rattled by months of tariff hikes and growing uncertainty.
Trump previously announced on Truth Social that the “deal” was complete, confirming that both countries would ease export restrictions. “Our deal with China is done,” Trump posted in all-caps, stating that China would supply "full magnets, and any necessary rare earths...up front," as per the Geneva framework.
Earlier this month, while speaking at the US-India Strategic Partnership Forum, US Secretary of Commerce Howard Lutnick said that a trade deal between India and the United States could be finalised soon, with both countries finding common ground that suits their interests.
"I think to be in a very, very good place, and you should expect a deal between the United States and India in the not-too-distant future because I think we found a place that really works for both countries." When asked if he was hopeful about the outcome, Lutnick said he was "very optimistic," and added, "It could be sort of the way I come across," he said.
Meanwhile, on June 10, Union Commerce and Industry Minister Piyush Goyal said that India and the US were in the process of negotiating a fair and equitable trade agreement that will benefit both economies.
(By arrangement with livemint.com)
