US-India trade talks progress; interim deal slashes tariffs
Business
India and the US agreed on a framework for an Interim Agreement, slashing US tariffs on Indian goods from 50% to 18%.
The move follows US claims that India promised to stop buying Russian oil and was announced after a call between President Trump and PM Modi.
More than just trade
This deal gives Indian exports—like clothes, gems, and pharma—a real boost over ASEAN countries.
In return, India will eliminate or reduce tariffs on all US industrial goods plus things like tree nuts and wine spirits.
India also intends to purchase more US energy, aircraft, and GPUs over five years (worth $500 billion), which could mean more jobs at home.
Plus, the pact includes defense ties and supply chain upgrades—so it's about way more than just trade.