India, US almost ready to lower trade tariffs
India and the US are on the brink of a deal to cut tariffs on each other's goods, after six rounds of talks and ongoing efforts for a bigger trade agreement.
Commerce Secretary Rajesh Agrawal shared that both sides are "very close" to sealing this first step.
Why does this matter?
Right now, the US charges steep tariffs—up to 50%—on Indian products, pointing to a big trade gap and India's oil deals with Russia.
This hits Indian exporters hard, since nearly 1 in 5 of their goods go to the US.
Both countries want some give-and-take: the US is eyeing easier access for things like almonds and apples, while India is standing firm on protecting its farmers and small businesses.
If this interim deal goes through, it could make things smoother for both economies—and set up a bigger trade partnership down the road.