India and US strike a big trade deal
Business
India and the US just struck a big trade agreement: the US will drop tariffs on nearly 60% of Indian exports, slashing rates from 50% to 18%.
The deal also lifts a penalty on Russian oil purchases by India.
In exchange, India will cut back on Russian oil imports
In exchange, the US says India will slowly cut back on Russian oil imports and open up more to US goods.
India's also set to spend $500 billion over five years on American energy, aircraft (including a massive Boeing order), defense gear, and semiconductors.
This move is expected to boost jobs in both countries and give Indian sectors like textiles, leather, shrimp, and pharma a real edge globally—while protecting local farmers and industries from tough US competition.