U.S. President Donald Trump said Thursday that India has proposed a trade agreement offering zero tariffs on American goods, as the two countries aim to secure a deal within the 90-day tariff pause Trump announced on April 9.
“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,” Trump told business leaders during a meeting in Doha, Qatar.
The proposed deal from New Delhi includes eliminating tariffs on 60% of tariff lines in the first phase and granting preferential access to nearly 90% of U.S. merchandise imported by India. The announcement sparked a rally in Indian equity markets, with major indexes hitting a seven-month high.
While the Indian government has not commented publicly, the deal is being fast-tracked, with Commerce Minister Piyush Goyal set to lead a trade delegation to the United States starting May 16 to push negotiations forward.
However, Trump expressed dissatisfaction with Apple’s growing investments in India, criticizing CEO Tim Cook’s decision to ramp up iPhone production there. “Tim, we treated you very good… we are not interested in you building in India. India can take care of themselves… we want you to build here,” Trump recalled telling Cook, who was not present at the Doha meeting.
Apple aims to manufacture the majority of iPhones sold in the U.S. at Indian factories by 2026. In March, its key suppliers—Foxconn and Tata—shipped a record $2 billion worth of iPhones to the U.S., seeking to avoid potentially higher tariffs in China.
India, now the United States’ largest trading partner, recorded $129 billion in bilateral trade in 2024, with a trade surplus of $45.7 billion in its favor. Despite past tensions over tariffs, including Trump labeling India a “tariff abuser,” the proposed deal signals a major step toward reshaping trade relations between the two economies.
