India should bring down its high tariffs for the Unites States as Washington means to pursue "something grand" in a bilateral trade deal between the two countries, U.S. Commerce Secretary Howard Lutnick told India Today television on Friday.

Secretary of Commerce Howard Lutnick walks to the House Chamber before of President Donald Trump addresses to a joint session of Congress at the Capitol in Washington, Tuesday, March 4,

The stock market dropped sharply in recent days as investors worried about the effects of President Donald Trump’s new tariffs on Canada and Mexico.

President Donald Trump said Friday that he’s committed to making the U.S. a world leader in cryptocurrencies as industry leaders heaped praise on him for reversing what they said had been unfair attacks on digital assets by the previous administration.

Lutnick's analysis comes weeks after China filed a lawsuit against the U.S. with the World Trade Organization over its 10% tariff. It issued its own 10% tariff.

The latest comments from Commerce Secretary is a sudden backing away after Tuesday’s tax hike hurt the stock market.

NEW DELHI (Reuters) -India needs to buy more defence products and lower its tariffs on U.S. products for the two countries to be able to sign a "grand" bilateral deal, U.S. Commerce Secretary Howard Lutnick told India Today television on Friday.