Published: Thursday, February 20, 2025 · 1:20 AM | Updated: Thursday, February 20, 2025 · 1:20 AM
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Reports indicate that former U.S. President Trump expressed concerns over Tesla’s (TSLA, Financial) potential decision to establish manufacturing operations in India to bypass high import tariffs. He noted that such a move could be unfair to the United States. During Indian Prime Minister Modi’s visit, Trump emphasized the high tariffs India imposes on foreign automobiles and suggested that both countries work towards a trade agreement to resolve tariff disputes.
Tesla’s CEO, Elon Musk, has historically criticized India’s nearly 100% import tax on electric vehicles, which aims to protect local manufacturers. In an effort to attract foreign investment, the Indian government announced a new policy in March last year, significantly reducing import taxes to 15% for companies that commit at least $500 million to set up local manufacturing facilities.
Trump remarked that under the current tariff conditions, it would be challenging for Musk to successfully sell cars in India, suggesting that many countries are taking advantage of the United States.
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