India, US reach trade deal, suspend Russian oil tariff duty
India and the US just reached a Joint Statement outlining a framework for an interim trade agreement; an Executive Order removing the additional 25% duty is set to take effect in February 2026.
Announced by President Trump and PM Modi, the deal suspends the additional 25% duty on Indian goods tied to Russian oil effective February 2026, and would lower tariffs to 18% on products like clothes, shoes, leather items, plastics, home decor, and machinery once the Interim Agreement enters into force.
What does this mean for you?
This deal is a big step for both countries—it could lead to lower prices for some goods (think: tech gadgets or sneakers), more US products coming into India (from nuts to wine), and easier access for Indian exports.
Plus, India's opening up its market for things like medical devices and tech gear.
The agreement aims to boost digital rules and make supply chains stronger—so expect smoother business between the two nations in the years ahead.