US to cut tariffs on Indian goods: What it means
Business
Big news for Indian exporters: the US just agreed to cut tariffs on Indian goods from as high as 50% (25% tariff + 25% penalty) down to 18%.
This means Indian products can now compete better in the US, and Prime Minister Modi is calling it "wonderful announcement."
The move is all about making things smoother—and cheaper—for businesses trading between the two countries.
Sectors that will gain and the bigger picture
Textiles and apparel (think your favorite tees), shrimp from fisheries, chemicals, gems and jewelry, auto parts, machinery, and even pharma are all set to gain.
With lower costs, these sectors can offer better prices in the US—so expect more demand for Indian-made stuff.
Plus, this deal should help strengthen economic ties between India and the US going forward.