US-India trade deal could mean cheaper imports for you
India and the US just shook hands on a major interim trade agreement.
US tariffs on Indian goods will drop from a steep 50% to a much friendlier 18%, and that extra 25% duty from last August? Gone.
It's all part of bigger talks for a full-on Bilateral Trade Agreement that kicked off last year.
What will get cheaper?
India is dropping or cutting tariffs on all sorts of American products—think snacks like tree nuts and fresh fruit, plus things like soybean oil, wine, and spirits.
In return, the US will eventually lift its own tariffs on Indian-made generic medicines, diamonds, and aircraft parts.
So yeah, more choices (and maybe better prices) could be coming your way.
Non-tariff barriers and $500 billion US goods purchase
Both countries also promised to tackle those annoying non-tariff barriers (like rules blocking medical devices or tech gear) though the six-month timeframe in the Agreement applies specifically to determining whether U.S.-developed or international standards (including testing requirements) are acceptable within six months of entry into force of the Agreement.
Plus, India intends to purchase $500 billion worth of US goods over five years—including energy supplies, aircrafts, precious metals, GPUs for data centers (hello gamers!), and coking coal.
This is about more than just trade—it could shape what ends up in your stores and even job markets down the line.