NEW DELHI, May 15: India is aiming to finalize a trade agreement with the United States during the 90-day window provided by former President Donald Trump, who on April 9 announced a temporary suspension of tariff hikes on major trading partners.

Speaking in Doha during a meeting with business leaders, Trump remarked, “It is very hard to sell in India, and they are offering us a deal where basically they are willing to literally charge us no tariffs.”

According to a Reuters report, India has proposed to eliminate tariffs on 60% of product categories in the initial phase of the deal under discussion. Additionally, India is offering preferential access to nearly 90% of goods it imports from the U.S.

Following Trump’s remarks, Indian equity markets surged to a seven-month high, reflecting investor optimism about the potential trade agreement. India’s Ministry of Commerce has yet to respond to inquiries regarding the deal.

Trump also said he had confronted Apple CEO Tim Cook about the company's production plans, as Apple moves forward with shifting most of its iPhone manufacturing for the US market to India by the end of 2026. The move is seen as part of Apple's strategy to avoid higher tariffs that may be imposed on Chinese exports.

“Tim, we treated you very good, we put up with all the plants you built in China for years ... we are not interested in you building in India. India can take care of themselves, they are doing very well. We want you to build here,” Trump said, recalling a conversation with Cook, who was not present at the Doha meeting.

Under Prime Minister Narendra Modi’s leadership, India has positioned itself as a growing hub for smartphone manufacturing. Apple’s key suppliers, including Foxconn and Tata, have significantly increased production in India. In March alone, they shipped a record $2 billion worth of iPhones to the U.S., in part to mitigate the impact of possible new tariffs.

The U.S. remains India's largest trading partner, with bilateral trade reaching approximately $129 billion in 2024. India currently holds a trade surplus of $45.7 billion with the U.S.

To push the negotiations forward, India’s Commerce and Industry Minister Piyush Goyal will lead a trade delegation to the United States starting May 16, two government officials told Reuters.

India, known for having some of the highest import tariffs globally, has been previously criticized by Trump, who labeled the country a “tariff abuser.”