Here's a snapshot of US President Donald Trump, making a proclamation about a trade pact with the UK! It took place right in the Oval Office at the White House in Washington, D.C., US, on the memorable day of May 8, 2025. Picture courtesy of Reuters.

In a thrilling development, US President Donald Trump informed everyone on Thursday that India had put forth a trade deal with an irresistible pitch - "no tariffs" for American commodities. Simultaneously, he voiced his displeasure about Apple's (AAPL.O) plans to expand their investment in India.

Every eye in New Delhi is now focused on sealing a trade deal with the US within the 90-day hiatus Trump declared on April 9 for tariff escalations for the major trade associates.

In a frank talk with business leaders in Doha, Trump mentioned, "Selling in India has always been tough, but their offer is appealing, where basically they're ready to charge us zero tariffs."

Beating the news drums, Reuters reported that India has agreed to slash duties to nil on almost 60% of tariff lines in the first phase of the deal that's under negotiations with Washington. On top of that, India has offered special access to nearly 90% of the goods it imports from the US.

Excitingly, this prompted a leap in India's equity benchmarks to a seven-month high, stirred by Trump's comment on the trade deal with India.

However, the Indian trade ministry remained tight-lipped, not responding to a mail soliciting remarks on the proposed agreement.

Caught amidst talks, Trump in Doha recalled his encounter with Apple's CEO Tim Cook about redirecting production to India. The American tech giant plans to manufacture most of its iPhones sold in the United States at factories in India by 2026's end, an accelerated attempt to bypass potential higher tariffs in China.

In words to Cook, who wasn't present at the Doha meet, Trump said: "Tim, we've always given you the best treatment, and tolerated all the facilities you've established in China over the years... We aren't keen on you building in India; India is capable of fending for themselves, doing pretty well. We would like you to build here in the US."

With India's Prime Minister Narendra Modi promoting the country as a hub for smartphone manufacturing in recent times, Apple's suppliers have revved up production in the nation.

In March, Apple's major India suppliers, Foxconn and Tata, dispatched nearly $2 billion worth of iPhones to the U.S, striking an all-time high, to dodge Trump's looming tariffs.

Interestingly, the United States is India's biggest trading partner, with mutual trade amounting to a whopping $129 billion in 2024. Currently, the trade balance is favoring India, which boasts a $45.7 billion surplus with the U.S.

Piyush Goyal, India's trade minister, will spearhead a trade delegation to the United States from May 16 to hasten the trade conversation, a couple of government officials revealed to Reuters on Tuesday.

India, known for having some of the world's highest import tariffs, was once referred to as a "tariff abuser" by Trump.