US, India Reach Interim Deal to Resolve Trade Dispute
Trump lifted the 25% secondary tariff he had imposed on Indian goods in response to India’s import of Russian oil, marking the first significant action following the breakthrough. In a joint statement, the two nations said the framework "reaffirms the countries’ commitment to the broader U.S.-India Bilateral Trade Agreement (BTA) negotiation." They added that the talks "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 statement said.
Under the agreement, India will reduce or remove tariffs on US industrial goods and a “wide range” of agricultural products. The US will lower its own tariff, separate from the previous Russian oil tariff, to 18% and remove duties on Indian aircraft and related parts. Both nations will also grant preferential access to each other in key sectors. India additionally 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,” said US Trade Representative Jamieson Greer.
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