New Delhi, May 26 -- US President Donald Trump's regular targeting of India about the trade deficit and accusations that India unfairly benefits from trade are incorrect, argued Global Trade Research Initiative (GTRI) in a report, explaining threadbare how India fuels US profits beyond trade what it termed it as "hidden surplus".

President Trump's trade deficit narrative is "misleading and incomplete", said trade think tank GTRI.

In 2024-25, the US recorded a trade deficit of about USD 44.4 billion with India, meaning it imported far more goods and services from India than it exported. On February 13, 2025, President Trump claimed the US had a USD 100 billion trade deficit with India, though the actual figure is under USD 45 billion.

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