US Tariff Cut to 18% Boosts India's Exports: FM Sitharaman
Economy
C
CNBC TV18•03-02-2026, 21:42
US Tariff Cut to 18% Boosts India's Exports: FM Sitharaman
- •Finance Minister Nirmala Sitharaman announced that the US decision to cut tariffs on Indian goods to 18% will significantly boost India's exports.
- •The previous 50% tariffs imposed by the US had negatively impacted Indian exports, particularly in sectors like steel, aluminium, textiles, and engineering goods.
- •The new agreement also involves India lowering its trade barriers and potentially shifting from Russian oil purchases to US and Venezuelan oil.
- •This tariff reduction brings India's tariffs in line with other Asian countries and restores its price advantage over competitors like Vietnam and Bangladesh.
- •The move offers relief to labor-intensive export sectors such as apparel, footwear, and jewelry, which were severely affected by earlier high tariffs.
Why It Matters: US tariff reduction to 18% is expected to significantly boost India's exports and restore competitiveness.
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