US-India trade talks: What is the interim agreement
India and the US have reached a framework for an Interim Agreement that cuts US tariffs on Indian goods from 25% down to 18%.
The US is also dropping a separate 25% punitive tariff that had been applied to Indian imports because of India's purchases of Russian oil.
In return, India will slash or remove tariffs on a bunch of American products—from grains and nuts to wine and tech gear.
Cheaper imports and exports
This move means cheaper Indian clothes, home decor, and machinery for Americans, while Indian shoppers could see more affordable US food and gadgets.
The deal also targets annoying non-tariff barriers (think: medical devices or tech stuck at customs), making it easier for both sides to do business.
The source does not specify an expected date for a full legal agreement—and talks are still on to make things even smoother.