India and US agree on interim trade deal: What's that
Business
India and the US just agreed on an interim trade deal that lowers tariffs on a bunch of American imports—think nuts, fruits, wine, and more.
The idea is to make these products more affordable in India while cooling off some long-standing trade tensions.
What does the deal entail?
The US will drop its tariffs on Indian exports from 50% down to 18%, which could help Indian goods compete better.
Meanwhile, India has promised to fix barriers that have made it tough for US companies—especially those in tech and medical devices—to do business here.
Both countries are also working on clearer rules for what counts as "local" products and looking ahead to a bigger, more comprehensive trade agreement focused on digital trade and stronger supply chains.