US-India Trade Deal Nears Finalization: Piyush Goyal Confirms Tariff Cuts
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Forbes India•03-02-2026, 19:44
US-India Trade Deal Nears Finalization: Piyush Goyal Confirms Tariff Cuts
- •Commerce Minister Piyush Goyal confirmed a US-India trade deal is in its final stages, with a joint statement expected soon.
- •The agreement slashes US tariffs on Indian goods from 50% to 18%, giving India a competitive edge over rivals like China and Vietnam.
- •The deal protects sensitive domestic sectors like agriculture and dairy while boosting labor-intensive exports such as textiles, leather, and gems.
- •It also opens doors for US investments in advanced technology sectors including AI, semiconductors, and data centers.
- •The tariff reduction aims to provide relief to Indian exporters, particularly those in textiles, seafood, and farming, who faced high US duties.
Why It Matters: A US-India trade deal is nearing completion, significantly cutting tariffs and boosting Indian exports and tech investments.
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