India has denied making any commitment to reduce import duties on US products, despite former US President Donald Trump’s recent statement. Trump claimed that India had agreed to lower tariffs after he exposed the country for imposing “massive tariffs” on American goods.

On Tuesday, the Indian government told a Parliamentary panel that no such agreement had been made. According to a Times of India report, India has sought time until September to discuss the issue further. Commerce Secretary Sunil Barthwal informed the panel that both countries are working on a long-term trade deal instead of immediate tariff cuts.

Trump, speaking last Friday, insisted that India had agreed to lower tariffs and blamed trading partners, including India, for “unfair” trade practices. He also announced new tariffs on several countries, set to begin next month.

US Commerce Secretary Howard Lutnick also criticized India’s high tariffs, urging New Delhi to reconsider. He suggested that India should be more open to American agricultural products and take a “smarter” approach to trade with the US.

Meanwhile, US stock markets fell on Monday as investors worried about the impact of Trump’s new tariff policies.

Source: Hindustan Times