Expressing displeasure over buying oil from Russia, the US has also imposed 25 percent of additional tariffs on Indian products. 25 tariffs are already applicable, so products from India to America will have to face a huge tariff of 50 percent from Wednesday. Amidst all this, the US Finance Minister hopes that India and America will definitely come together one day.

US Finance Minister Scott Besant, however, hoped that Indo-US relations would remain strong. He said that India is the largest democracy in the world and America is the largest economy. In the end we will come together.

Talks stuck on trade agreement
Besant clearly said that the trade agreement has not been reached yet. He alleged that India’s attitude has been “performing” so far. He said that India started talks soon after Independence Day. It was expected that the agreement would be reached by May or June. But India took very cautious and measuring steps. Besant also said that India has earned profits from Russian oil and this is a big reason for the dispute.

Statements on Trump-Modi’s relationship
Besant admitted that the relationship between the two countries is complicated. He said that there are very good relationship between President Trump and Prime Minister Modi at a high level, but the matter is not just about Russian oil. Besant further said that America has a huge trade deficit with India. He explained that when there is a conflict in business, the country with losses (America) is in profit. A country with surplus (India) should worry. India may be selling things to America but its own tariffs are very high.

What did Besant say on the rupee and dollar?
When asked whether the trade in the rupee by India is a matter of concern, he replied that the Indian rupee is at the lowest level against the dollar at this time. I worry about many things, but the rupee will be a reserve currency, it is not among them.

India’s answer and PM Modi’s attitude
New Delhi has made it clear that it will not bow down to American pressure. Prime Minister Narendra Modi said that he will never compromise on the interests of farmers. According to a report by German newspaper Frankfurter Algemine Siteung (FAZ), PM Modi did not pick up four phone calls of President Donald Trump in recent weeks. The report said that this is a sign of both his anger and vigilance.

India and America are two major economies of the world and are also important business partners of each other. There is a trade of billions of dollars every year between the two countries. If for some reason the trade between India and America stops completely, then it is a big question that who will suffer the most. If trade between India and America is completely closed, then both countries will be clearly affected, but in this situation India will suffer more loss. Let’s know in detail about this.

Who will suffer more loss

India’s economy is much smaller than the US and its dependence on global trade is more. America is the largest export market in India, a large part of areas like pharmaceuticals, IT services, textiles, gems-jewelery. If the business suddenly stops, then these industries will be hit directly, due to this, not only the income of these companies will fall, but the jobs of millions of people will also be in danger. Foreign exchange reserves, new investment and startup sectors will also have a serious negative effect.

What do data say

First of all, look at the figures. In the year 2023-24, the total bilateral trade between India and the US has been around $ 118 billion. In this, India exported about $ 77 billion to the US, while imported from the US about $ 41 billion. That is, India has a trade surplus of about $ 36 billion with America. If the trade stops then India will suffer loss, because the American market is the biggest customer for Indian IT companies, pharma and textile industry. Millions of jobs will be directly affected. About 60 percent of the IT sector earnings come from the US itself.

America will cost generic medicines expensive

In contrast to this, if we talk about America, then the options of Indian market and supply may be fast available for there, especially electronics, clothes and some medicines. Yes, but America can also find generic medicines and some other items expensive and many companies will have to find a new supplier. But the big and diverse economy of America and many of its business partners can get rid of this loss quickly.

What will be the condition of America

Overall, the loss of the US market for India will have a more serious impact on its economy and industries, while the impact on America will be relatively limited. For this reason, experts believe that in the event of such a business captive, India will get more shock in both economic and social terms.

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US President Donald Trump has announced to impose 25 percent tariff (fee) on India. After this, US Finance Minister Scott Besant said on Thursday, July 31 that the Trump administration is “a little disappointed” from India. Scott Besant said, “India came to negotiate initially, but later slowed down things. So the President and his entire business teams are a bit disappointed with India.” Besant said these things in a conversation with CNBC. He also said that India buys a large amount of banned oil from Russia and reflects it to other countries, which are not being considered a right role globally.

Trump’s charge – India always makes business difficult
Trump said on his social media platform Truth Social on Wednesday (July 30), ‘Remember, India is our friend, but we have done very little business with him over the years, because India’s tariffs are very much. It is the highest in the world and has the most complex and uncomfortable non-monitoring business obstacles. “

Trump also said that “India has always been buying most of its military weapons from Russia and it is the biggest customer to buy energy from Russia with China. All this is happening at a time when the whole world is appealing to Russia to stop murder in Ukraine. All these things are not fine. So India will have to pay 25% tariffs from August 1 and also an additional fine.”

Expect deals from China
Meanwhile, Scott Besant also said that the US and China are close to a trade agreement. He said, “I think we have the possibilities of deal.” However, he admitted that work on some technical points from China remains. I am confident that it will be resolved, but not 100% yet. “

India’s Export Widens: India’s export deficit rose to $ 26.42 billion in the month of April. This is the highest in the last 5 months. However, due to better performance of electronic and engineering goods, India’s export has jumped 9.03 percent to $ 38.49 billion. The imports of the data released by the Commerce Ministry on Thursday have increased by 19.12 percent in April on an annual basis and increased to $ 64.91 billion in April.

The trade deficit has increased the most since 2024 due to increase in imports. At that time it was $ 31.77 billion. The areas where exports have increased is- tobacco, coffee, sea products, tea, stitched costumes, rice, gems and jewelery, spices, petroleum products and medicine.

Trade deficit increased due to increase in imports

Electronic exports increased from 39.52 percent to 3.69. The export of engineering goods has been 11.28 percent of $ 9.51 billion. Similarly, import in crude oil in the month of April has increased by 25.6 percent to $ 20.7 billion. So the import of gold has increased to $ 4.86 percent and $ 3.09 billion.

According to the data, the price of service exports stood at $ 35.31 billion in the month of April, compared to $ 30.18 billion during the same month. While the estimated price for imports of services was $ 17.54 billion in April 2025, while in April last year it was $ 16.76 billion.

More exports may increase

Commerce Secretary Sunil Barthwal says that he hopes that India will maintain the speed of its export in this way and despite global uncertainties, it will prove to be a good year. He said that the strategy of focusing focus on twenty countries and 6 items is getting positive results. In addition, the Ministry of Commerce will continue to focus on it. He said that free trade agreement with many countries is going to reach the final conclusion quickly.

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Us tariff: US President Donald Trump announced a tariff on many countries of the world including India on 2 April. Since then, the situation of trade war has remained. Today again the US has decided to impose 104 percent tariffs on China’s electronic goods. After this decision, trade war has started between the two largest economy countries in the world.

Meanwhile, American trade representative Jamison Greer has given a big statement. He has claimed that countries like India, Argentina, Vietnam and Israel are planning to reduce the tariffs to be imposed on their behalf. His statement was given to the Finance Committee of the US Senate, in which he justified the trade policies of President Donald Trump.

According to Jamison Greer, these countries have expressed their desire to reduce the tariff by contacting the US administration. This means that if America reduces tariffs, then they will also follow this policy. Greer compared 5% tariffs imposed on agriculture on agriculture by the US to the average 39% agricultural tariff, saying that it shows how non-physical trade policies make a deficit deal for the US.

India’s changing trend over tariff
According to Greece, many countries including India are now working towards reducing the tariff by taking the policy of Tarmp’s tariff policy seriously. He said that about 50 countries have approached the members of the Trump administration. He has shown interest in getting business relations better with America. India is an important name in this list as it is a major business partner of America. Changes in such tariff policies will have a widespread impact on bilateral relations of the two countries.
Greece gave information through data
Through the data, Greece said that since 1994, the US has lost 5 million jobs and 90,000 factories. The agricultural sector, which was once an important part of the business, has now gone into losses. Such a situation has been seen especially during the last two years of Biden administration. All these changes are the result of unilateral tariffs, trade obstacles and foreign competitive policies, causing heavy damage to the US.

This is not only a business strategy but also a national security strategy
The Greece described the policy of Trump administration as not just a trade strategy but also a national security strategy. He said that many countries of the world are trying to improve their trade policies due to tariffs imposed by America. They are knowing that America will no longer remain inactive. We are demanding mutuality and fairness in business. Jamison Greer said that Donald Trump’s aggressive trade policies are now showing impact on global level.