India, US agree on interim trade deal, tariffs to be cut
India and the US have announced a framework for an Interim Agreement that cuts tariffs and opens up more markets for both sides.
Now, Indian goods like textiles, leather, footwear, and home decor will face an 18% tariff in the US, while America will remove reciprocal tariffs on Indian-made generic medicines and gems, subject to the successful conclusion of the Interim Agreement and, for pharmaceuticals, contingent on the outcome of a US Section 232 investigation.
India's also lowering or removing tariffs on a bunch of US products—including tech gear, farm produce like nuts and fruits, wine, spirits, and more.
Cheaper products and more choices for buyers
This agreement means cheaper products for buyers in both countries and more choices on store shelves.
It's also a big step toward a full-on trade pact—plus, India plans to buy $500 billion worth of American goods over five years (think energy tech, planes, even GPUs).
Both sides are working to make supply chains stronger and keep trade fair.
If you're into global business or tech trends—or just want better deals—this is one to watch.