India-U.S. Trade Deal: A New Era of Bilateral Commerce

India has struck a trade deal with the U.S. to purchase various goods, including energy and technological products, in a bid to decrease the trade deficit and halt Russian oil purchases. The deal involves reducing tariffs and opens new market access over the coming years.

India has entered a trade agreement with the United States, committing to buying a range of goods from petroleum to aircraft, according to a government source. The deal follows President Donald Trump's announcement of reduced U.S. tariffs on Indian goods from 50% down to 18%.

President Trump stated that India has pledged to increase its purchase of American products significantly, with potential acquisitions amounting to $500 billion across sectors like technology and agriculture. This move is aimed at reducing the trade deficit between the two countries.

Despite such agreements, India's trade ministry has yet to comment formally. Nonetheless, India's exports to the U.S. saw a year-on-year increase of 15.88%, while imports also rose. The trade deal promises further discussions over a more extensive agreement as India has already begun to lower tariffs on automobiles.

(With inputs from agencies.)