On the second and final day of his two-day visit, Trump held talks with Prime Minister Narendra Modi and an energy deal was among the various topics.
The President’s statement assumes significance as India imports a significant portion of its energy needs from the US which has only increased in the past few years. The US is the sixth largest oil supplier to India.
US Energy Secretary Dan Brouillette on Tuesday said that oil supplies from the US to India have jumped 10-fold to 250,000 barrels per day (bpd) in the last few years.
Speaking at a business meeting alongside the US President, he said Indian imports of US oil were 25,000 bpd a couple of years ago, and have now risen to 250,000 bpd.
In the first half of the financial year 2019-20, US supplied 5.4 million tonnes of crude oil to India. India started to import crude oil from the US in 2017 in order to diversify its import basket beyond the OPEC nations.
The statement by Trump also comes at a time when both the countries are already in negotiations for a trade deal. Both India and the US have said that talks are on for a major trade deal between the two countries.
Addressing the media at a press conference here, the US President also said that the US will also reach a “comprehensive” IPR (Intellectual Property Rights) deal with India.
Trump also discussed business related issues with India’s policy makers and industrialists.
On the current trade relations with India, he said that India has the highest tariffs in the world and that due to this, business cannot be conducted with it. He added that trade deficit has also been discussed.
On the upcoming Presidential elections in the US where he will be seeking a second term, Trump, a billionaire businessman with investments across the world, said that if he wins stock markets in America will jump by “thousands and thousands” of points.