India, US agree to cut tariffs on imports
Business
India and the US have agreed to cut tariffs on Indian exports from a steep 50% down to 18%.
Announced after a call between PM Modi and US President Trump, the deal also includes matching tariff cuts and dropping a previously imposed 25% punitive tariff tied to India's purchases of Russian oil.
End of a months-long trade standoff
This move gives India a leg up over countries like China and Vietnam, especially in industries like textiles, jewelry, leather goods, auto parts, and seafood.
It ends months of tense trade negotiations, could boost Indian stocks and the rupee, and—importantly—India kept its agriculture and dairy sectors protected.
The US is still India's biggest trading partner.