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Shares of Indian textile and shrimp exporters surged on Wednesday, October 29, after US President Donald Trump said he would “do a trade deal with India”, renewing investor optimism over a potential easing of tariffs. Trump made the remarks at the APEC CEO Summit Luncheon in Gyeongju, South Korea, where he also praised Prime Minister Narendra Modi, describing him as “tough as hell” and “the nicest-looking guy”.

According to Trump’s comments, the United States is preparing to strengthen its trade relationship with India. His statement comes at a time when both countries are seeking to stabilise ties after months of tension over reciprocal tariffs and India’s imports of Russian oil.

The upbeat remarks sparked a sharp rally in export-oriented stocks, which had been under pressure following the Trump administration’s decision earlier this year to impose a 50 per cent tariff on Indian imports. The move had been justified as a response to India’s continued purchase of discounted Russian crude.

Leading shrimp exporters saw their shares climb between 2 and 4 per cent, while major textile producers recorded similar gains. Several companies that had slipped into losses following the tariff hike returned to positive territory by market close.

“I’m doing a trade deal with India and have great respect and love for Prime Minister Narendra Modi… we have a great relationship,” Trump said, according to reports from the event. The US President’s remarks marked a notable shift in tone, signalling that Washington may be reconsidering its aggressive tariff stance.

Trump’s warm praise for PM Modi also suggests an attempt to rebuild personal and diplomatic goodwill, which had been strained by recent trade measures. His use of personal rapport as a bridge for policy engagement has been a recurring feature of his foreign outreach.

Sources familiar with the ongoing discussions said negotiators from both countries had made progress on two of the three key sticking points — India’s discounted Russian oil imports and the US’ 50 per cent reciprocal tariff on Indian goods. Talks are expected to continue in the coming weeks, with a phased rollback of punitive duties under consideration.

In Washington, both Republican and Democratic lawmakers have shown rare bipartisan unity in supporting stronger ties with India. Over the past 10 days, at least six bipartisan letters and resolutions have been introduced urging the Trump administration to reaffirm its commitment to the India–US partnership and reconsider policies seen as damaging to Indian interests.

Ankit Kumar is a Senior Sub Editor at Zee Business. He covers international affairs, politics, climate change, business, finance and global elections. With experience acros