US-India Trade Deal Slashes Tariffs, Boosting Engineering Exports

EEPC India hails a new trade deal under which the US will reduce tariffs on Indian goods from 25% to 18%. This could significantly increase engineering exports, which already account for a substantial part of India's exports. Details of the agreement and its impact are still awaited.

A new trade deal between India and the US has been announced, promising a reduction in reciprocal tariffs on Indian goods from the US, from the current 25% to 18%.

This development is particularly significant for India's engineering sector, which constitutes nearly a quarter of the country's exports. According to EEPC India, the tariff cut could substantially boost engineering shipments.

Despite the optimism, the exact benefits of the agreement will be clearer once specific sector-wise details are released, as stakeholders wait for more information on product categories and market access provisions.

(With inputs from agencies.)