India-US Trade Deal: Tariffs Reduced to Boost Economic Cooperation
India and the US have reached a significant trade agreement, with Washington committing to reduce reciprocal tariffs on Indian goods from 25% to 18%. This decision came after a phone call between US President Donald Trump and Prime Minister Narendra Modi.
Expressing his delight, Prime Minister Modi welcomed the lowered tariff on “Made in India” products, stating that this move will benefit the Indian economy.
During the conversation, Modi emphasized the importance of collaboration between two major economies and the world’s largest democracies. He praised President Trump’s leadership and reaffirmed India’s support for global peace initiatives.
Trump announced that India will also work towards eliminating tariffs and non-tariff barriers with the US, aiming to promote bilateral trade. He highlighted India’s commitment to purchase American goods, including energy products worth over USD 500 billion.
Both leaders expressed their dedication to enhancing the Indo-US partnership, focusing on economic growth and cooperation.
Additionally, Trump and Modi discussed resolving the conflict between Russia and Ukraine, with Modi agreeing to reduce oil imports from Russia in favor of US and potentially Venezuelan sources.
The trade deal marks a positive step in the relationship between India and the US, with both countries striving to strengthen ties and boost mutual trade and investments.
Despite facing challenges such as previous tariff impositions, the recent agreement signals a new chapter in the economic collaboration between the two nations.
With lower tariffs compared to other export economies, India is poised to attract more investments and foster greater economic growth.
Overall, the trade deal signifies a promising future for the Indo-US partnership, emphasizing shared values and strategic cooperation.
