Donald Trump again claims India offered zero tariffs, then says 'I’m in no rush' for a deal

U.S. President Donald Trump claimed in a Fox News interview that India has offered to eliminate all tariffs on American goods, calling it a landmark trade win. “They make it almost impossible to do business. Do you know they’re willing to cut 100% of their tariffs for the United States?” he said.

However, Trump added he’s in “no rush” to finalize any deal, saying, “That’ll come soon. Look, everybody wants to make a deal with us,” leaving the timeline uncertain.

His remarks coincide with Commerce Minister Piyush Goyal’s visit to Washington (May 17-20) for high-level trade talks. The Indian delegation is meeting U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to push for an interim deal with “mutual wins,” aiming for a broader agreement by autumn 2025. 

India, however, was quick to temper expectations. Speaking to reporters, External Affairs Minister S. Jaishankar clarified that trade talks with the U.S. are ongoing, complex, and far from final.

“Between India and the U.S., trade talks have been going on. These are complicated negotiations. Nothing is decided till everything is. Any trade deal has to be mutually beneficial; it has to work for both countries. Until that is done, any judgment on it would be premature,” Jaishankar said.

Trump’s bullish trade rhetoric comes at a time when the U.S. is facing growing questions about its own fiscal health. Moody’s downgraded the United States’ sovereign credit rating from its top-tier Aaa to Aa1, citing escalating national debt, soaring interest costs, persistent fiscal deficits, and political dysfunction in Washington. 

This historic downgrade, bringing Moody’s in line with Fitch and S&P, reflects mounting skepticism about America’s fiscal trajectory. Analysts warn it could raise borrowing costs for the U.S. government, unsettle financial markets, and erode global confidence in the U.S. as the world’s financial safe haven — even as Trump projects trade leverage abroad.

Beyond tariffs, Trump’s comments reflect a larger strategy: using trade as a geopolitical tool. He pointed to India as an example of a country with high barriers that he is determined to dismantle. At the same time, he hinted at offering trade incentives to Pakistan.

“I’m using trade to settle scores and make peace,” Trump said, referring to recent border tensions between India and Pakistan, including the aftermath of the Pahalgam terror attack in Kashmir.

Trump claimed his administration’s efforts helped broker a ceasefire understanding between the two nations, suggesting that expanded trade prospects with both were part of the equation.

Trump also invoked his trade negotiations with China, framing them as acts of economic diplomacy that had global consequences. He cited a recent agreement where U.S. tariffs on Chinese goods were cut from 145% to 30%, with Beijing reciprocating by reducing its tariffs from 125% to 10%.

“If I didn’t do that deal with China, I think China would have broken apart,” Trump said, presenting himself as a dealmaker whose trade policies are aimed at maintaining global stability.