India sells roughly twice as much to America as it buys, exporting $87 billion in goods in 2024 while importing just $41 billion. That $46 billion deficit has become President Donald Trump’s rallying cry, prompting 50 percent tariffs on Indian products and accusations of an unfair, “one-sided” relationship.
The move is central to Trump’s “America First” agenda, which seeks to cut trade gaps and bring manufacturing back to U.S. soil. But the tariffs clash head-on with Prime Minister Narendra Modi’s “Make in India” campaign, built on expanding exports to American consumers.
For India, the blow threatens millions of jobs in textiles, jewelry, and manufacturing—industries whose survival now depends on keeping U.S. buyers from shifting to rivals such as Vietnam or China.
Just look at this chart below, covering trade data from 2010 to 2024. Over the past 14 years, India has consistently taken advantage of America’s penchant for free trade, selling far more than it buys.