U.S., India Reach Terms on Interim Trade Agreement Framework
Trump swiftly eliminated a 25% secondary tariff he had levied against Indian merchandise in response to its purchases of Russian oil, marking his first substantial move to actualize the diplomatic breakthrough.
The import duty reversal accompanied a joint statement from both nations declaring the trade framework "reaffirms the countries' commitment to the broader U.S.-India Bilateral Trade Agreement (BTA) negotiation."
Ongoing negotiations "will include additional market access commitments and support more resilient supply chains."
"The Interim Agreement between the United States and India will represent a historic milestone in our countries' partnership, demonstrating a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes," the nations said.
Under the agreement's provisions, India will reduce or abolish tariffs targeting US industrial products and a "wide range" of American agricultural exports. The US will independently decrease its reciprocal tariff—distinct from the secondary Russian oil levy—to 18%, while eliminating duties on Indian aircraft and associated components.
Both countries will extend preferential market access to "sectors of respective interest on a sustained basis," the statement indicated. India separately committed to "address long-standing barriers to the trade in U.S. medical devices."
"President Trump's dealmaking is unlocking one of the largest economies in the world for American workers and producers, lowering tariffs for all U.S. industrial goods and a wide array of agricultural products," US Trade Representative Jamieson Greer said in a statement.
"Today's announcement demonstrates the deepening ties between the United States and India as we create new opportunities for farmers and entrepreneurs in both countries. I thank Indian Minister of Commerce and Industry Goyal for his leadership and commitment to achieve fair and balanced trade with the United States," he added.
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