New Delhi [India], February 3 (ANI): The Confederation of Indian Textile Industry (CITI), a key textile organisation, has welcomed the reduction in the US tariff on Indian goods to 18%.
CITI Chairman Ashwin Chandran said that the reduction in tariff will ensure India’s textile and apparel exporters are once again in a position to compete effectively in the US market, the single-largest market for India’s textile and apparel exports.
“The Confederation of Indian Textile Industry (CITI) heartily welcomes the announcement of the trade deal between the US and India and the reduction in the US tariff on Indian goods to 18%. CITI would like to express its sincere gratitude to both the US President Donald Trump and Indian Prime Minister Narendra Modi for this trade deal,” he said.
“This reduction in tariff will ensure our textile and apparel exporters are once again in a position to compete effectively in the US market, the single-largest market for India’s textile and apparel exports. This deal will also ensure that factories can run at full steam once more and job creation can get back to previous levels,” he added.
PM Modi on Monday said that it was wonderful to speak with his “dear friend President Trump” today and expressed delight that Made in India products will now have a reduced tariff of 18%.
“Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” PM Modi said in a post on X.
The Prime Minister said that when two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation.
“President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights,” PM Modi said.
US governmment had first imposed 25 per cent tariffs on India and later increased them to 50 per cent citing India’s import of Russian oil.
President Trump on Monday said he and PM Modi “have agreed to a Trade Deal” between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%.
In a post on his social media handle Truth Social, Trump referred to his conversation with Prime Minister Narendra Modi earlier in the day.
Trump said PM Modi was one of his greatest friends and a powerful and respected leader of his country.
Trump also said PM Modi and he are two people that get things done.
He claimed that the Prime Minister had agreed to “stop buying Russian Oil”, and to buy much more from the United States.
“It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine,” Trump said in his post.
“He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%,” he added.
Trump claimed India will reduce tariffs and non-tariff Barriers against the United States.
“They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to “BUY AMERICAN,” at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!” Trump added.
US Ambassador to India Sergio Gor earlier said that President Trump had spoken with Prime Minister Modi on Monday,.
“President Trump just spoke with Prime Minister Modi. STAY TUNED…,” Sergio Gor said in a post on X.
PM Modi had spoken with President Trump in December last year and the two leaders had agreed to work closely to address shared challenges and advance common interests. (ANI)
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