Nov 13, 2025 (MarketLine via COMTEX) --
Fashion industry onlookers are taking a cautious approach to claims US President Donald Trump is weighing a trade deal with India.
According to CNBC reporting from the swearing-in of US Ambassador to India Sergio Gor, Trump said Washington may soon lower tariffs on Indian goods, suggesting both sides are moving closer to a trade deal.
aEURoeThe tariffs on India are really high because of the Russian oil [imports], but they have now substantially reduced Russian oil [imports], so we will be bringing the tariffs down,aEUR Trump said.
Trump said GoraEUR(TM)s priorities would include promoting investment in key US industries, increasing American energy exports and expanding security cooperation.
aEURoeI am looking at Sergio to strengthen one of most important relationships and that is the strategic partnership with the Republic of India,aEUR Trump added.
India is subject to some of the highest tariffs imposed by Trump who has taken aim at the countryaEUR(TM)s reliance on Russia for its oil.
The Indian Ministry of External Affairs (MEA) has swiftly condemned the new tariffs, terming it as aEURoeunfair, unjustified and unreasonableaEUR.
IndiaaEUR(TM)s exports to the US amounted to nearly $87.3bn in 2024, surpassing US exports to India, which stood at $41.5bn, according to US government trade statistics.
While India had banked on absorbing orders from the US after China fell out of the latteraEUR(TM)s favour, the tariffs cast doubt on that hope.
Commenting on the latest development, Bob Antoshak, VP of strategic global sourcing and development at Grey Matter Concepts told Just Style that while media reports suggest a deal is imminent on the back of TrumpaEUR(TM)s aEURoehintingaEUR earlier this year, government sources say there are still issues to be worked out.
He continued: "The on-again, off-again trade relationship between the US and India has led to false reports of a deal over the past months, so we should assume this is the case here. However, this time, Trump acknowledged that India had cut back on its purchases of Russian oil, triggering US punitive tariffs on Indian exports that have seriously harmed the textile and apparel trade. Even so, this could be a sign that a deal may be moving closer to agreement. Tea-leave reading aside, I wait until a formal deal is announced."
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