US President Donald Trump’s trade representative has claimed that India is among a group of countries now planning to lower tariffs, following the imposition of sweeping new trade measures by the Trump administration. Speaking to the Senate Finance Committee, Trump’s Trade Representative Jameson Greer defended the president’s decision to declare a national emergency on trade and said early signs suggest the strategy is starting to deliver results.
Donald Trump's trade tariffs - live updates
“Our average tariff on agricultural goods is 5%, but India’s average tariff is 39%,” Greer told senators. “You understand the trend here.” He cited India as one of several nations—including Argentina, Vietnam and Israel—that have expressed willingness to cut both tariff and non-tariff barriers under Trump’s push for “reciprocity” in trade.
"Nearly 50 countries have approached me personally to discuss the President's new policy and explore how to achieve reciprocity. And they've spoken with many members of the administration. Several of these, such as Argentina, Vietnam, India and Israel, have suggested that they will reduce their tariffs and non tariff barriers in line with the President's policy," he said.
Greer said the massive US trade deficit and the collapse of manufacturing were not accidents, but the result of “non-reciprocal tariffs, trading barriers and other economic policies pursued by our foreign trading partners”. He described these practices as a “national security emergency” that had severely hurt the American working class.
He warned that the situation had reached a tipping point, with the US losing five million manufacturing jobs and 90,000 factories since 1994. Even in agriculture, where America traditionally ran a surplus, the trade balance was in deficit in the final two years of the Biden administration.
As part of a broad overhaul, Trump has implemented a global baseline tariff and tightened duties on steel, aluminium, autos and parts not made in the US. Greer said that nearly 50 countries had reached out to discuss these policies. “Several of these… have suggested that they will reduce their tariffs… in line with the President’s policy,” he said.
Markets, however, remain volatile. While Trump insists his tariffs are a necessary tool to bring jobs back to the US, Wall Street has reacted sharply, with major indices suffering massive swings. As tariffs on China and others kick in, investors are uncertain whether this approach is a negotiating tactic or a permanent shift.
Still, Trump’s trade team insists they are open to talks. “If you have a better idea to achieve reciprocity and to get our trade deficit down, we want to negotiate with you,” Greer said.
Wall Street tumbles as Trump’s tariff deadline spooks investors
US stocks plunged Tuesday after a day of extreme market swings, triggered by mounting uncertainty over President Trump’s escalating trade war. The S&P 500 surged early with a 4.1% gain, only to reverse sharply and close down 2.6%, putting it nearly 20% below its February high. The Dow shed 683 points after giving up a 1,460-point rally, while the Nasdaq dropped 3.2%. Markets had rallied globally earlier in the day, but sentiment soured as the clock ticked toward midnight, when a new wave of U.S. tariffs was set to take effect.
Donald Trump's trade tariffs - live updates
“Our average tariff on agricultural goods is 5%, but India’s average tariff is 39%,” Greer told senators. “You understand the trend here.” He cited India as one of several nations—including Argentina, Vietnam and Israel—that have expressed willingness to cut both tariff and non-tariff barriers under Trump’s push for “reciprocity” in trade.
"Nearly 50 countries have approached me personally to discuss the President's new policy and explore how to achieve reciprocity. And they've spoken with many members of the administration. Several of these, such as Argentina, Vietnam, India and Israel, have suggested that they will reduce their tariffs and non tariff barriers in line with the President's policy," he said.
Greer said the massive US trade deficit and the collapse of manufacturing were not accidents, but the result of “non-reciprocal tariffs, trading barriers and other economic policies pursued by our foreign trading partners”. He described these practices as a “national security emergency” that had severely hurt the American working class.
He warned that the situation had reached a tipping point, with the US losing five million manufacturing jobs and 90,000 factories since 1994. Even in agriculture, where America traditionally ran a surplus, the trade balance was in deficit in the final two years of the Biden administration.
WATCH: @USTradeRep Jamieson Greer opening statement before @SenateFinance @senfinance. pic.twitter.com/zr8qtVvH6X
— CSPAN (@cspan) April 8, 2025
As part of a broad overhaul, Trump has implemented a global baseline tariff and tightened duties on steel, aluminium, autos and parts not made in the US. Greer said that nearly 50 countries had reached out to discuss these policies. “Several of these… have suggested that they will reduce their tariffs… in line with the President’s policy,” he said.
Markets, however, remain volatile. While Trump insists his tariffs are a necessary tool to bring jobs back to the US, Wall Street has reacted sharply, with major indices suffering massive swings. As tariffs on China and others kick in, investors are uncertain whether this approach is a negotiating tactic or a permanent shift.
Still, Trump’s trade team insists they are open to talks. “If you have a better idea to achieve reciprocity and to get our trade deficit down, we want to negotiate with you,” Greer said.
Wall Street tumbles as Trump’s tariff deadline spooks investors
US stocks plunged Tuesday after a day of extreme market swings, triggered by mounting uncertainty over President Trump’s escalating trade war. The S&P 500 surged early with a 4.1% gain, only to reverse sharply and close down 2.6%, putting it nearly 20% below its February high. The Dow shed 683 points after giving up a 1,460-point rally, while the Nasdaq dropped 3.2%. Markets had rallied globally earlier in the day, but sentiment soured as the clock ticked toward midnight, when a new wave of U.S. tariffs was set to take effect.
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