As Donald Trump is set to assume the presidency in the United States, countries worldwide are bracing to establish good relations with the incoming administration. India too seeks to take the ties with Washington to new heights as Trump will be occupying one of the most powerful offices in the world.
Impact on India-US trade ties
Trump's return to the White House has sparked discussions regarding the potential implications for global trade as well as India's economy. Importantly, the US is India's largest export destination, accounting for approximately 18 per cent of total exports in FY24.
The President-elect has been categorically vocal regarding narrowing the trade deficit with countries like the Mexico and Canada. India too enjoys a trade surplus with the US, and Trump might consider imposing more tariffs on goods being exported to the US.
The probable future of H-1B visas
Those who seek to make a career in the US should be considerate of the fact that Trump prioritised American workers over foreign talent when he became president for the first time. As Trump is back, those holding H-1B visas as well as dreamers are apprehensive about the implications of Trump's presidency.
The H-1B visa allows American companies to employ foreign workers in certain fields that require technical or theoretical expertise. For Indians, the H-1B visa has been significant, given the nation's pool of talent in fields like IT, artificial intelligence, and cybersecurity.
What about India's energy security?
Despite Trump's notion of pushing local talent as contenders for jobs in the US, his supporters, like Tesla CEO Elon Musk, have been seen as someone favouring the H-1B visa. Hence, it gives hope to those who seek the H-1B visa.
Moreover, Trump has emphasised promoting energy independence, and this may go in India's favour. Since Trump looks to permit more oil drilling in the US, it will stabilise oil prices in the market. For an energy importer like India, this will come as a welcome move.
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