US Assistant Secretary of State for Economic Affairs Jacob Helberg said on February 24 (local time) that Prime Minister Narendra Modi and US President Donald Trump have set a goal of increasing US-India trade to $500 billion.
During a congressional hearing in Washington DC, Helberg expressed strong confidence in the future of US-India trade and outlined “maximum pressure” from the Trump administration. policy towards Russia to end the war in Ukraine.
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“The administration has implemented a policy of maximum pressure on Russia. The administration’s goal is to end the war in Ukraine. This included the imposition of secondary sanctions that affected a number of different Indian interests. The achievement of a bilateral joint statement on trade between the US and India ultimately resulted in a positive resolution and discussion,” Helberg said during a briefing by news agency ANI. House Committee on Foreign Affairs hearing in Washington, DC, USA.
Basically, Helberg’s statement serves as a high-level confirmation of the significant strategic and economic focus in US-India relations under the second Trump administration.
“The content of the bilateral trade statement includes India’s historic energy purchases from the US, historic cross-border investments, and I believe it was in the first quarter of the president’s administration that Prime Minister Modi and President Trump set a goal of increasing total bilateral trade flows to $500 billion. So I’m incredibly confident about the trajectory of the US-India relationship,” says the incredulous, Indian ambassador doing a new job there said.
Helberg’s remarks came days after the United States and India announced the framework for an interim agreement on mutually beneficial trade.
The framework reaffirmed the countries’ commitment to the broader US-India partnership Bilateral trade agreement (BTA) negotiations launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional commitments on market access and support for more resilient supply chains.
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The interim agreement involves India eliminating or reducing tariffs on various industrial goods, food and agricultural products from the US, while the US applies a reciprocal 18 percent tariff on certain goods of Indian origin under an existing executive order with provisions for elimination upon successful conclusion of the agreement.
10% worldwide duty
US Supreme Court ruled against most of Trump’s sweeping tariff measures on Friday. Trump later signed an order imposing a 10 percent global tariff on all countries, effective “almost immediately.”
The court ruled 6-3 that the administration exceeded its authority by using the International Emergency Economic Powers Act (IEEPA) of 1977 to impose broad import tariffs, affirming that the power to levy taxes rests primarily with Congress.
Following the decision, Trump announced a new 10 percent global tariff on all countries under Section 122 of the Trade Act of 1974, which he describes as a temporary import surcharge (up to 15 percent) to address balance of payments deficits for 150 days.
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He later increased it to a “fully authorized and legally tested level of 15%”, effective immediately.
I believe it was in the first quarter of the President’s administration that Prime Minister Modi and President Trump set a target of increasing total bilateral trade flows to $500 billion.
In a Truth Social post, Trump said the adjustment was in response to a “ridiculous, poorly written and extraordinarily anti-American Supreme Court decision” while his administration will determine new, legally permissible tariffs in the coming months to proceed.Make America Great Again.”
