India-US trade deal LIVE: US President Donald Trump said on Monday that India and the United States have reached a trade deal. Welcoming the development, Prime Minister Narendra Modi said he was pleased that duties on “Made in India” goods would be reduced to 18 percent. Previously, the US had imposed tariffs of up to 50 percent on Indian products, including a 25 percent tax on purchases of Russian oil in India.
“It is wonderful to speak with my dear friend President Trump today. I am delighted that Made in India products will now have a reduced tariff of 18%. A big thank you to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” PM Modi said in a post on X on Monday.
Earlier on Tuesday, Commerce and Industry Minister Piyush Goyal said the India-US trade deal offers significant opportunities for the country and is the most favorable deal India has secured vis-à-vis its neighbours.
At a press conference a day after the deal was announced, Goyal said India’s interests were given top priority.
“We all know that the Prime Minister, using his friendly relations and close ties with President Trump, finalized a trade deal with the United States of America, which is the best deal that India has received compared to all our neighbours, all our neighboring countries and all our competing countries. It is a lot for all of us,” he said, according to ANI.
The agreement with the United States closely follows India’s landmark trade pact with the European Union, which was signed just a week ago.
