US, India ink new trade deal: What it means
The US and India just signed a new trade deal that cuts tariffs on Indian goods to 18%.
This covers everything from clothes and shoes to home decor, plastics, and machinery.
The US is also scrapping an extra 25% tariff it had slapped on Indian imports.
Deal opens up both markets in a big way
This deal opens up both markets in a big way. India will cut tariffs on tons of American products—think grains, nuts, fruits, wine, and more.
Plus, India has promised to buy $500 billion worth of US goods over five years (including energy, aircraft and parts, precious metals, tech products, and coking coal).
Both countries also agreed to tackle non-tariff barriers like medical devices and restrictive import licensing for ICT goods.
It's a pretty major step for smoother business—and could mean more options (and maybe lower prices) for everyone down the line.