A New Era in US-India Trade Relations: Tariff Reductions Announced

India and the US have agreed to reduce tariffs on various agricultural products, manufactured goods, and chemicals, marking a significant step in bilateral trade relations. This deal, hailed as an 'exciting opportunity' by US Trade Representative Jamieson Greer, is expected to boost economic cooperation and mutual benefits for both nations.

The US and India have finalized a landmark trade deal that promises to cut tariffs on numerous goods, including agricultural and manufactured products. This new arrangement marks a substantial shift in US-India trade relations, deemed an 'exciting opportunity' by US Trade Representative Jamieson Greer.

Under the agreement, India will reduce tariffs on a variety of goods, including chemicals and medical devices, while the US will maintain reduced reciprocal tariffs on Indian imports, adjusting it down to 18% from 25%. This follows a year after President Trump imposed steep tariffs on India, partly attributed to the trade deficit between the countries.

After speaking with Prime Minister Narendra Modi, President Trump announced the breakthrough on Truth Social. Modi expressed his delight over the development, highlighting the benefits and opportunities it will unlock for the people of both nations, reinforcing the power of cooperation between two major global economies.

(With inputs from agencies.)