India and the US agreed on a trade deal under which Washington will bring down reciprocal tariff on Indian goods to 18 per cent from current...
India and the US agreed on a trade deal under which Washington will bring down reciprocal tariff on Indian goods to 18 per cent from current 25 per cent, US President Donald Trump said on Monday after a phone conversation with Prime Minister Narendra Modi. The Prime Minister said he was delighted that "made in India products will now have a reduced tariff of 18 per cent". Trump further claimed India will move forward to reduce its "tariffs and non-tariff barriers" against the US to zero. The Modi-Trump phone talks came on a day External Affairs Minister S Jaishankar travelled to Washington DC. India has now lower tariff compared to competing export economies, officials said. Though the two sides held several rounds of negotiations, forward movement on the trade deal stalled after Trump imposed 50 per cent tariffs on Indian goods, including the 25 per cent punitive tariffs for India's procurement of Russian crude oil.
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