US drops tariffs on Indian goods following Modi-Trump call
The US just dropped tariffs on Indian-made goods from 25% to 18%, a move industry executives said would reduce the effective tariff burden on medical devices from as high as 50% to 18%, following a call between PM Modi and President Trump.
Modi shared his excitement about the move online, calling it a boost for "Made in India" products.
India to remove trade barriers on American goods
Trump also announced that India will remove trade barriers on American goods, while the US lowers its reciprocal tariff on Indian goods from 25% to 18%.
Industry executives said Indian medical-device makers are expected to benefit, and the agreement could ease medical device trade.
Move could unlock billions in US market potential
With tariffs now lower than China's (which are at 30-34%), Indian companies have a real shot at grabbing a bigger slice of the US market.
Rajiv Nath from AiMeD said the move could unlock billions in US market potential.