India-US Trade Deal Finalized: Tariffs Cut to 18%, Joint Statement Soon
Business
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Moneycontrol•03-02-2026, 23:31
India-US Trade Deal Finalized: Tariffs Cut to 18%, Joint Statement Soon
- •India and the U.S. have finalized a trade deal, reducing reciprocal tariffs on Indian goods from 25% to 18%.
- •US President Donald Trump announced the agreement after a call with Prime Minister Narendra Modi, effective immediately.
- •Trump stated the decision was made out of friendship and respect for PM Modi and at his request.
- •PM Modi welcomed the deal, expressing delight that 'Made in India' products would benefit from lower duties.
- •India is also expected to cut tariffs and non-tariff barriers on US goods to zero and increase purchases of American products.
Why It Matters: India and the US sealed a trade deal, cutting tariffs on Indian goods to 18%, effective immediately.
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