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- India-US Trade Deal News Live Updates: India's industrial goods tariffs will go to 0% from 13.5%: US on trade deal
THE TIMES OF INDIA | Feb 03, 2026, 23:13:16 IST
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India-US Trade Deal News Live Updates: India's industrial goods tariffs will go to 0% from 13.5%: US on trade deal
India-US trade deal Live: Indian equity markets ended in green on Tuesday after India and the United States reached a trade agreement under which Washington will reduce reciprocal tariffs on Indian goods to 18 per cent from 25 per cent.
The rupee also strengthened sharply. Forex dealers said the tariff cut improves India’s relative competitiveness and could revive foreign institutional investor (FII) inflows after a prolonged selling phase.
US President Donald Trump on Monday announced a long-awaited trade deal with New Delhi, cutting tariff rates on Indian exports from 25% to 18% and effectively scrapping the additional 25% punitive duty. Trump said the move followed India’s agreement to stop buying Russian oil.
In a social media post shortly after concluding a call with Prime Minister Narendra Modi, Trump said he was announcing the deal “out of friendship and respect for PM Modi and, as per his request, effective immediately”, adding that “our amazing relationship with India will be even stronger going forward”.
Prime Minister Narendra Modi confirmed the agreement minutes later, writing: “Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement.”
“When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation,” Modi added, praising Trump’s leadership as “vital for global peace, stability, and prosperity” and reaffirming India’s full support for his peace efforts.
Trump later echoed the sentiment on social media, saying, “Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most.” Track TOI’s Live coverage for all the details and analyses:
The rupee also strengthened sharply. Forex dealers said the tariff cut improves India’s relative competitiveness and could revive foreign institutional investor (FII) inflows after a prolonged selling phase.
US President Donald Trump on Monday announced a long-awaited trade deal with New Delhi, cutting tariff rates on Indian exports from 25% to 18% and effectively scrapping the additional 25% punitive duty. Trump said the move followed India’s agreement to stop buying Russian oil.
In a social media post shortly after concluding a call with Prime Minister Narendra Modi, Trump said he was announcing the deal “out of friendship and respect for PM Modi and, as per his request, effective immediately”, adding that “our amazing relationship with India will be even stronger going forward”.
Prime Minister Narendra Modi confirmed the agreement minutes later, writing: “Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement.”
“When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation,” Modi added, praising Trump’s leadership as “vital for global peace, stability, and prosperity” and reaffirming India’s full support for his peace efforts.
Trump later echoed the sentiment on social media, saying, “Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most.” Track TOI’s Live coverage for all the details and analyses:
16:08 (IST) Feb 03
Markets surge on India-US trade deal as Sensex, Nifty jump over 2.5%
Equity benchmark indices Sensex and Nifty ended sharply higher on Tuesday, rising more than 2.5 per cent, after India and the United States agreed to a trade deal under which Washington will reduce reciprocal tariffs on Indian goods to 18 per cent.
The positive sentiment drove a strong rally through the session. The 30-share BSE Sensex surged 4,205.27 points, or 5.14 per cent, to hit an intraday high of 85,871.73 after opening on a buoyant note. It later pared some gains to close at 83,739.13, up 2,072.67 points, or 2.54 per cent.
The 50-share NSE Nifty also posted solid gains, jumping 639.15 points, or 2.55 per cent, to settle at 25,727.55. During the day, the index had surged as much as 1,252.8 points, or 4.99 per cent, to touch an intraday high of 26,341.20.
The positive sentiment drove a strong rally through the session. The 30-share BSE Sensex surged 4,205.27 points, or 5.14 per cent, to hit an intraday high of 85,871.73 after opening on a buoyant note. It later pared some gains to close at 83,739.13, up 2,072.67 points, or 2.54 per cent.
The 50-share NSE Nifty also posted solid gains, jumping 639.15 points, or 2.55 per cent, to settle at 25,727.55. During the day, the index had surged as much as 1,252.8 points, or 4.99 per cent, to touch an intraday high of 26,341.20.
15:50 (IST) Feb 03
Trade deal with US adds momentum to India's growth ambition, say industry leaders
The India–US trade deal gives fresh momentum to India’s growth plans and strengthens its push to emerge as a globally competitive hub for manufacturing and innovation, industry leaders said on Tuesday.
Top business leaders, including Bharti Enterprises founder Sunil Mittal, Aditya Birla Group chairman Kumar Mangalam Birla and Mahindra Group CEO Anish Shah, welcomed the landmark agreement, saying it could significantly reshape trade and investment ties between the two countries.
Bharti Enterprises Founder and Chairman, Sunil Bharti Mittal, said the India-US trade deal is a much-awaited and significant milestone for both nations, unlocking immense opportunities for investments and growth.
"The flurry of FTAs is an affirmation of India’s role at the centre of global frameworks, aimed at building resilient international trade patterns," Mittal said.
Reacting to the tariff reductions, Mahindra Group Chairman Anand Mahindra, in a crisp post on X, wrote, "More evidence of the benefits of 'Making haste slowly.' When the noise subsides, two natural partners will come together."
15:41 (IST) Feb 03
India-US trade deal a 'big decision': PM Modi at NDA MPs meet
Prime Minister Narendra Modi on Tuesday said the India-US trade deal is a "big decision" that will benefit everyone in the country, and asserted that his government always works in favour of the nation.
The prime minister made these remarks at the meeting of the NDA Parliamentary Party, coalition MPs present at the meeting said.
NDA coalition members congratulated Modi for the trade deals with the EU and the US, saying it would strengthen Indian manufacturers, exporters and entrepreneurs.
The prime minister said the India-US trade deal is a "big decision" and will benefit everyone in the country, an MP who attended the meeting said.
India and the US have agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from a total 50 per cent.
The prime minister made these remarks at the meeting of the NDA Parliamentary Party, coalition MPs present at the meeting said.
NDA coalition members congratulated Modi for the trade deals with the EU and the US, saying it would strengthen Indian manufacturers, exporters and entrepreneurs.
The prime minister said the India-US trade deal is a "big decision" and will benefit everyone in the country, an MP who attended the meeting said.
India and the US have agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from a total 50 per cent.
15:32 (IST) Feb 03
No word from India on Russian oil: Kremlin after Trump remarks
Russia on Tuesday said that it has not received any communication from India indicating that New Delhi plans to stop buying Russian oil, a day after US President Donald Trump claimed such a commitment was made as part of a new India–US trade deal.
The Kremlin said it was unaware of any shift in India’s oil purchase strategy following Trump’s remarks.
"So far, we haven't heard any statements from New Delhi on this matter," Kremlin spokesman Dmitry Peskov told reporters, as reported by AFP.
Trump had earlier said that Prime Minister Narendra Modi agreed to halt Russian oil purchases while easing tariffs and boosting imports from the United States and potentially Venezuela.
"We spoke about many things, including Trade, and ending the War with Russia and Ukraine," Trump said. "He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela."
India, however, has not publicly confirmed any such commitment. Pm Modi welcomed the tariff reduction in a social media post but made no mention of Russian oil.
The Kremlin said it was unaware of any shift in India’s oil purchase strategy following Trump’s remarks.
"So far, we haven't heard any statements from New Delhi on this matter," Kremlin spokesman Dmitry Peskov told reporters, as reported by AFP.
Trump had earlier said that Prime Minister Narendra Modi agreed to halt Russian oil purchases while easing tariffs and boosting imports from the United States and potentially Venezuela.
"We spoke about many things, including Trade, and ending the War with Russia and Ukraine," Trump said. "He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela."
India, however, has not publicly confirmed any such commitment. Pm Modi welcomed the tariff reduction in a social media post but made no mention of Russian oil.
15:17 (IST) Feb 03
Experts weighs in their opinion on India-US trade deal
According to another industry expert, Rudra Kumar Pandey, Partner at Shardul Amarchand Mangaldas & Co, said that the US decision signals a de-escalation in bilateral trade frictions and reflects aligned strategic intent. He highlighted that the move reinforces India’s export competitiveness, aided by recent customs duty rationalisation and a broader shift in US supply chains away from China.
"The immediate gains will be concentrated in tariff-sensitive and labour-intensive sectors that are most responsive to marginal duty changes," Pandey said.
"Textiles and apparel, gems and jewellery, leather and footwear, engineering goods, and auto components stand to benefit disproportionately, as these sectors compete directly with Vietnam and Bangladesh in the US market."
"The immediate gains will be concentrated in tariff-sensitive and labour-intensive sectors that are most responsive to marginal duty changes," Pandey said.
"Textiles and apparel, gems and jewellery, leather and footwear, engineering goods, and auto components stand to benefit disproportionately, as these sectors compete directly with Vietnam and Bangladesh in the US market."
14:58 (IST) Feb 03
'Lower tariff rate will also be credit positive for labour-intensive sectors': Moody's
Rating agency Moody's on Tuesday said that the reduction of the US tariff rate on most Indian goods is credit positive for labour-intensive sectors such as gems, jewellery, textiles and apparel, which are the top export sectors.
Moody's in a statement, said that the trade deal will reinvigorate India's goods export growth to the US, which remains the country's largest goods export market, accounting for about 21 per cent of India's total goods exports for the first 11 months of 2025.
"Lower tariff rate will also be credit positive for labour-intensive sectors such as gems, jewellery, textiles and apparel, which rank the top export sectors," it said.
However, pharmaceuticals and consumer electronics, the other two major export sectors, had been exempt from the 50 per cent high tariffs imposed by the US and therefore are unlikely to be affected by the reduction.
The rating agency said that even though India has reduced its purchase of crude oil from Russia in recent months, it is unlikely to cease all purchases immediately which could be disruptive to India's economic growth.
"A complete shift toward non-Russian oil could also tighten supply elsewhere, raise prices and pass through to higher inflation given that India is one of the world's largest oil importers," Moody's said.
Moody's in a statement, said that the trade deal will reinvigorate India's goods export growth to the US, which remains the country's largest goods export market, accounting for about 21 per cent of India's total goods exports for the first 11 months of 2025.
"Lower tariff rate will also be credit positive for labour-intensive sectors such as gems, jewellery, textiles and apparel, which rank the top export sectors," it said.
However, pharmaceuticals and consumer electronics, the other two major export sectors, had been exempt from the 50 per cent high tariffs imposed by the US and therefore are unlikely to be affected by the reduction.
The rating agency said that even though India has reduced its purchase of crude oil from Russia in recent months, it is unlikely to cease all purchases immediately which could be disruptive to India's economic growth.
"A complete shift toward non-Russian oil could also tighten supply elsewhere, raise prices and pass through to higher inflation given that India is one of the world's largest oil importers," Moody's said.
14:44 (IST) Feb 03
India-US trade deal to boost MSMEs, labour-intensive exports: Experts
According to experts, the newly announced trade deal between India and the United States is expected to provide a major boost to labour-intensive industries and the MSME sector.
Industry representatives said that the tariff cut improves price parity, brings greater certainty on duties, and strengthens buyer confidence in Indian suppliers, setting the stage for a sharp rise in export orders and faster growth in the coming months.
Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said that the development comes at a critical time for Indian exporters facing high US tariffs.
"The United States is our single largest export market and improved trade terms will significantly enhance the competitiveness of Indian apparel products in the US market," he said.
Industry representatives said that the tariff cut improves price parity, brings greater certainty on duties, and strengthens buyer confidence in Indian suppliers, setting the stage for a sharp rise in export orders and faster growth in the coming months.
Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said that the development comes at a critical time for Indian exporters facing high US tariffs.
"The United States is our single largest export market and improved trade terms will significantly enhance the competitiveness of Indian apparel products in the US market," he said.
14:25 (IST) Feb 03
India-US trade deal Live: Union minister Piyush Goyal to address Parliament on India-US trade deal
Union commerce minister Piyush Goyal is set to address Parliament on Tuesday on the India–United States trade deal, which lowers tariffs on Indian exports to 18 per cent. The announcement follows demands from Opposition MPs for greater clarity on the agreement, with concerns raised over its impact on agriculture and India’s purchase of oil from Russia.
Earlier in the day, amid protests in the Rajya Sabha, Union minister JP Nadda said the government would issue a suo motu statement detailing the deal and was open to a discussion in the House.
Earlier in the day, amid protests in the Rajya Sabha, Union minister JP Nadda said the government would issue a suo motu statement detailing the deal and was open to a discussion in the House.
13:44 (IST) Feb 03
'Historic victory,' Whit House Dy Chief of Staff lauds India-US deal
The India–US trade agreement has drawn strong praise from officials on both sides, with the White House describing the deal as a major win for American workers and industries. White House Deputy Press Secretary Kush Desai called the agreement historic, saying it secured a trade deal with one of the world’s fastest-growing top-five economies, home to more than one billion people.
India’s Ambassador to the United States, Vinay Mohan Kwatra, also welcomed the development, saying the agreement would unlock vast new opportunities for both economies. He said the talks between US President Donald Trump and Prime Minister Narendra Modi marked the beginning of an exciting new phase in bilateral ties.
Under the deal, India has secured lower tariff rates than Pakistan, which faces a 19 per cent reciprocal tariff under a US executive order issued in July 2025.
Meanwhile, external affairs minister S Jaishankar is scheduled to meet US Secretary of State Marco Rubio during his three-day visit to Washington, where he will also attend the inaugural Critical Minerals Ministerial aimed at strengthening global supply chains.
India’s Ambassador to the United States, Vinay Mohan Kwatra, also welcomed the development, saying the agreement would unlock vast new opportunities for both economies. He said the talks between US President Donald Trump and Prime Minister Narendra Modi marked the beginning of an exciting new phase in bilateral ties.
Under the deal, India has secured lower tariff rates than Pakistan, which faces a 19 per cent reciprocal tariff under a US executive order issued in July 2025.
Meanwhile, external affairs minister S Jaishankar is scheduled to meet US Secretary of State Marco Rubio during his three-day visit to Washington, where he will also attend the inaugural Critical Minerals Ministerial aimed at strengthening global supply chains.
12:48 (IST) Feb 03
India-US trade deal Live: India-US trade deal removes key overhang for equities, FPIs may return, claims report
The India–US trade deal is expected to provide a meaningful boost to Indian equities, with foreign portfolio investor (FPI) outflows likely to reverse and several sectors set to benefit, according to a report by Antique Stock Broking. The agreement removes a major uncertainty that has weighed on Indian markets for the past 15 months.
The report notes that FPI equity outflows of around USD 34 billion since October 2024 — the highest among emerging markets — could reverse, given that the US accounts for roughly 41 per cent of FPI assets under custody in India. With India’s valuation premium relative to other emerging and developed markets now close to long-term averages, improved trade relations could trigger renewed inflows.
Sectors with high FPI ownership, including real estate, telecoms, transport, financial services and healthcare, are likely to benefit first. Structurally underweight sectors such as capital goods, IT services and power utilities could also see fresh allocations.
The report notes that FPI equity outflows of around USD 34 billion since October 2024 — the highest among emerging markets — could reverse, given that the US accounts for roughly 41 per cent of FPI assets under custody in India. With India’s valuation premium relative to other emerging and developed markets now close to long-term averages, improved trade relations could trigger renewed inflows.
Sectors with high FPI ownership, including real estate, telecoms, transport, financial services and healthcare, are likely to benefit first. Structurally underweight sectors such as capital goods, IT services and power utilities could also see fresh allocations.
12:08 (IST) Feb 03
India-US trade deal Live: 'Announcements herald an exciting new phase,' Indian Envoy to US lauds deal
India’s Ambassador to the US, Vinay Mohan Kwatra, on Tuesday lauded the India-US deal, saying it would launch vast opportunities for both nations. He said talks between US President Donald Trump and Prime Minister Narendra Modi herald an exciting new phase in the partnership between both nations.
In a post on X, he said, "A big WIN for a consequential partnership under the leadership of Prime Minister Narendra Modi and President Donald Trump. India and USA announce trade deal creating vast new opportunities for the two economies and the people of our two great nations. Today's announcements herald an exciting new phase in our partnership."
In a post on X, he said, "A big WIN for a consequential partnership under the leadership of Prime Minister Narendra Modi and President Donald Trump. India and USA announce trade deal creating vast new opportunities for the two economies and the people of our two great nations. Today's announcements herald an exciting new phase in our partnership."
11:39 (IST) Feb 03
Positive and competitive outcome for India: Expert on India-US trade deal
India–US trade ties received a major boost after Washington agreed to cut tariffs on Indian goods to 18 per cent, a move industry leaders say will strengthen India’s position as a global manufacturing hub. Welcoming the development, ICEA Chairman Pankaj Mohindroo said, “This is a positive and competitive outcome for India. At the agreed 18% rate, India remains well placed relative to key manufacturing peers, and retains its attractiveness as a global manufacturing and export hub.” He added that the deal supports India’s push to scale manufacturing and deepen integration with US-led global value chains, particularly in electronics.
11:20 (IST) Feb 03
India's seafood exports to US set to rebound after tariff cut to 18%: SEAI
India’s seafood exports to the United States are expected to rebound after months of decline, following Washington’s decision to reduce tariffs to 18 per cent from 25 per cent, according to the Seafood Exporters Association of India (SEAI).
Shipments to the US fell by 15 per cent in volume to 201,501 tonnes during April–November of the current financial year, while export value declined 6.3 per cent to USD 1.72 billion from USD 1.84 billion a year earlier, SEAI General Secretary K N Raghavan said.
“The field has become level again and exports should receive a boost,” Raghavan said, adding that lower tariffs would help exporters return to previous levels.
The downturn followed the imposition of steep US tariffs in August 2025, including a 25 per cent penalty linked to India’s purchase of Russian oil. While existing contracts were honoured, new orders slowed amid uncertainty, with buyers storing consignments in bonded warehouses.
Shipments to the US fell by 15 per cent in volume to 201,501 tonnes during April–November of the current financial year, while export value declined 6.3 per cent to USD 1.72 billion from USD 1.84 billion a year earlier, SEAI General Secretary K N Raghavan said.
“The field has become level again and exports should receive a boost,” Raghavan said, adding that lower tariffs would help exporters return to previous levels.
The downturn followed the imposition of steep US tariffs in August 2025, including a 25 per cent penalty linked to India’s purchase of Russian oil. While existing contracts were honoured, new orders slowed amid uncertainty, with buyers storing consignments in bonded warehouses.
10:54 (IST) Feb 03
India-US trade deal: Jaishankar to meet Rubio as 18% tariff deal fuels India-US strategic momentum
External affairs minister S Jaishankar is scheduled to meet US Secretary of State Marco Rubio at the State Department on Tuesday at 3.30pm local time. The meeting forms part of Jaishankar’s three-day visit to the United States, during which he is attending the inaugural Critical Minerals Ministerial on 4 February, hosted by Washington.
Ahead of the event, the US state department said the ministerial would bring together global partners to strengthen cooperation on critical mineral supply chains, which are vital for economic and national security, technological leadership and the global energy transition.
During the visit, Jaishankar welcomed the recently announced India–US trade agreement, describing it as a boost to jobs, growth and innovation in both countries. He said the deal would strengthen the ‘Make in India’ initiative and deepen trusted technology partnerships.
Ahead of the event, the US state department said the ministerial would bring together global partners to strengthen cooperation on critical mineral supply chains, which are vital for economic and national security, technological leadership and the global energy transition.
During the visit, Jaishankar welcomed the recently announced India–US trade agreement, describing it as a boost to jobs, growth and innovation in both countries. He said the deal would strengthen the ‘Make in India’ initiative and deepen trusted technology partnerships.
10:34 (IST) Feb 03
India-US pact: Rupee jumps over 1% after US–India trade deal eases investor concerns
India’s financial markets surged on Tuesday after a trade deal cut US tariffs on Indian goods to 18 per cent from 50 per cent, easing a major source of uncertainty for investors across equities, bonds and the currency.
The rupee strengthened by more than 1 per cent to 90.40 against the dollar in early trade, while the yield on the benchmark 10-year government bond fell five basis points to 6.72 per cent.
The rupee strengthened by more than 1 per cent to 90.40 against the dollar in early trade, while the yield on the benchmark 10-year government bond fell five basis points to 6.72 per cent.
10:12 (IST) Feb 03
India-US pact: Trump aide claims deal would pump American farm goods in India
US Secretary of Agriculture Brooke Rollins said on Tuesday that the India–US trade deal would allow Washington to export more farm products to India, providing a boost to rural America. In a post on X, she said, “Thank you US President Donald Trump for ONCE AGAIN delivering for our American farmers. New US-India deal will export more American farm products to India's massive market, lifting prices, and pumping cash into rural America.” She added that America’s agricultural trade deficit with India stood at USD 1.3 billion in 2024 and said India’s growing population offered an important market for US produce.
India has yet to outline the full details of the agreement. According to USDA data, US agricultural exports to India reached around USD 1.7 billion in 2025, driven by tree nuts, cotton and soybean oil.
The remarks followed President Trump’s announcement of the deal, months after imposing steep tariffs on Indian goods. Meanwhile, the Congress party demanded clarity on the agreement, questioning claims of zero tariffs, opening of agriculture and assurances for farmers’ security.
India has yet to outline the full details of the agreement. According to USDA data, US agricultural exports to India reached around USD 1.7 billion in 2025, driven by tree nuts, cotton and soybean oil.
The remarks followed President Trump’s announcement of the deal, months after imposing steep tariffs on Indian goods. Meanwhile, the Congress party demanded clarity on the agreement, questioning claims of zero tariffs, opening of agriculture and assurances for farmers’ security.
09:59 (IST) Feb 03
Trump aide claims deal would pump American farm goods in India
US Secretary of Agriculture Brooke Rollins on Tuesday said that as per the India-US deal, Washington will export more of its farm products to India. Rollins said that the deal will pump more cash in rural America.
In a post on X, the Secretary said, "Thank you US President Donald Trump for ONCE AGAIN delivering for our American farmers. New US-India deal will export more American farm products to India's massive market, lifting prices, and pumping cash into rural America. In 2024, America's agricultural trade deficit with India was $1.3 billion. India's growing population is an important market for American agricultural products and today's deal will go a long way to reducing this deficit. America First victory on top of the dozens of deals for ag"
India is yet to detail out the tenets of the Trade Deal with the United States. U.S. agricultural exports in 2025 reached approximately 1.7 billion USD according to USDA data. Demand was driven by tree nuts (almonds, pistachios), cotton, and soybean oil.
The Agriculture Secretary's remarks followed US President Donald Trump's announcement of a trade deal with India, months after imposing 50 per cent tariffs on Indian goods in August 2025. The agreement, unveiled on Trump's social media platform Truth Social, features significant tariff reductions and includes claims that India would halt purchases of Russian oil. Trump had earlier levied a 50 per cent tariff on India, with 25 per cent linked to crude imports from Russia, as administration officials repeatedly alleged that India's oil purchases helped finance Russia's war against Ukraine.
Meanwhile, earlier in the day, Congress demanded the complete details of the India-US trade deal, raising questions over several key aspects such as the opening of the agriculture sector, the reduction of tariffs to "zero" and a pause on the purchase of Russian oil, as claimed by US President Donald Trump.
In a post on X, Congress first questioned the manner of the deal announcement, then delved into the details shared by Donald Trump. The party said that reducing tariff and non-tariff barriers against the US to 'zero will "impact" India and also questioned how opening the agriculture sector would ensure the "security of farmers."
"Just like the ceasefire, the announcement of the trade deal was also made by US President Trump. It has been stated that the trade deal is being done 'on Modi's request'," Congress said.
"Trump says that India will move to reduce tariff and non-tariff barriers against the United States to 'zero'. It seems India has agreed to completely open our market for America. This will impact Indian industry, traders and farmers. There is talk of opening the agriculture sector for America in the statement as well. What exactly is the deal? How has the security and interests of our farmers been ensured?" they asked.
In a post on X, the Secretary said, "Thank you US President Donald Trump for ONCE AGAIN delivering for our American farmers. New US-India deal will export more American farm products to India's massive market, lifting prices, and pumping cash into rural America. In 2024, America's agricultural trade deficit with India was $1.3 billion. India's growing population is an important market for American agricultural products and today's deal will go a long way to reducing this deficit. America First victory on top of the dozens of deals for ag"
India is yet to detail out the tenets of the Trade Deal with the United States. U.S. agricultural exports in 2025 reached approximately 1.7 billion USD according to USDA data. Demand was driven by tree nuts (almonds, pistachios), cotton, and soybean oil.
The Agriculture Secretary's remarks followed US President Donald Trump's announcement of a trade deal with India, months after imposing 50 per cent tariffs on Indian goods in August 2025. The agreement, unveiled on Trump's social media platform Truth Social, features significant tariff reductions and includes claims that India would halt purchases of Russian oil. Trump had earlier levied a 50 per cent tariff on India, with 25 per cent linked to crude imports from Russia, as administration officials repeatedly alleged that India's oil purchases helped finance Russia's war against Ukraine.
Meanwhile, earlier in the day, Congress demanded the complete details of the India-US trade deal, raising questions over several key aspects such as the opening of the agriculture sector, the reduction of tariffs to "zero" and a pause on the purchase of Russian oil, as claimed by US President Donald Trump.
In a post on X, Congress first questioned the manner of the deal announcement, then delved into the details shared by Donald Trump. The party said that reducing tariff and non-tariff barriers against the US to 'zero will "impact" India and also questioned how opening the agriculture sector would ensure the "security of farmers."
"Just like the ceasefire, the announcement of the trade deal was also made by US President Trump. It has been stated that the trade deal is being done 'on Modi's request'," Congress said.
"Trump says that India will move to reduce tariff and non-tariff barriers against the United States to 'zero'. It seems India has agreed to completely open our market for America. This will impact Indian industry, traders and farmers. There is talk of opening the agriculture sector for America in the statement as well. What exactly is the deal? How has the security and interests of our farmers been ensured?" they asked.
09:51 (IST) Feb 03
India-US trade deal: PM Modi arrives for NDA Parliamentary party meeting, to be felicitated for US trade deal
Prime Minister Narendra Modi arrived at the Parliament Annexe on Tuesday to attend the NDA Parliamentary Party meeting, where he is set to be felicitated for the recently announced India–US trade deal. The meeting follows US President Donald Trump’s statement that Washington and New Delhi had agreed to a trade agreement, under which the US reduced reciprocal tariffs on India from 25 per cent to 18 per cent, citing “friendship and respect” for the Prime Minister.
Union home minister Amit Shah, BJP national president Nitin Nabin, and several senior ministers and party leaders, including Ashwini Vaishnaw, Bhupender Yadav, CR Patil and Giriraj Singh, were present at the meeting.
Meanwhile, both Houses of Parliament continued discussions on the motion of thanks to the President’s address during the Budget Session. Proceedings in the Lok Sabha have been contentious, with repeated disruptions following a heated exchange between the ruling NDA and the opposition INDIA bloc over remarks by Leader of the Opposition Rahul Gandhi on border tensions with China. The Speaker ruled that references to unpublished material were not permitted under House rules.
Union home minister Amit Shah, BJP national president Nitin Nabin, and several senior ministers and party leaders, including Ashwini Vaishnaw, Bhupender Yadav, CR Patil and Giriraj Singh, were present at the meeting.
Meanwhile, both Houses of Parliament continued discussions on the motion of thanks to the President’s address during the Budget Session. Proceedings in the Lok Sabha have been contentious, with repeated disruptions following a heated exchange between the ruling NDA and the opposition INDIA bloc over remarks by Leader of the Opposition Rahul Gandhi on border tensions with China. The Speaker ruled that references to unpublished material were not permitted under House rules.
09:35 (IST) Feb 03
After India-US trade deal, Critical Minerals Ministerial marks next big push on global supply chains
The United States is set to host the inaugural Critical Minerals Ministerial at the State Department on Wednesday, convened by Marco Rubio, as delegations from over 50 countries gather to strengthen cooperation on securing and diversifying global critical mineral supply chains. External Affairs Minister S Jasishankar will attend the meeting in the US which will be preceeded by a one-on-one with Secretary Rubio on Tuesday.
According to the US State Department, the three-day meeting will focus on bolstering strategic supply lines for minerals essential to technological innovation, economic competitiveness and national security.
"This historic gathering will create momentum for collaboration to secure these critical components vital to technological innovation, economic strength and national security," the department said in a release, adding that the ministerial aims to enhance international coordination on resilient supply chains.
The ministerial comes amid intensified India-US engagement across trade, energy and strategic sectors.
In a parallel development, US President Donald Trump announced a trade deal with India on Monday following months of tariff-related tensions, after Washington imposed 50 per cent duties on Indian goods in August 2025, with half of that linked to India's crude oil purchases from Russia.
Confirming the agreement, PM Narendra Modi posted on X, "Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement. When two large economies and the world's largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation. President Trump's leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights."
Trump, in his Truth Social post, said, "It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!"
Detailing the agreement, Trump added, "Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to 'BUY AMERICAN,' at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!"
Against this backdrop, External Affairs Minister S Jaishankar is visiting the United States from February 2-4 to participate in the Critical Minerals Ministerial, where discussions will centre on supply chain resilience, clean energy transitions and strategic cooperation in critical minerals.
During the visit, Jaishankar is also scheduled to hold meetings with senior members of the US administration.
Ahead of the ministerial, the US State Department had noted that partners from across the globe would be brought together to strengthen cooperation on critical mineral supply chains, describing such collaboration as vital to America's economic and national security, technological leadership and energy transition.
Parallel efforts on securing mineral networks were also undertaken earlier this month when US Treasury Secretary Scott Bessent convened a Finance Ministerial in Washington to explore ways to strengthen and diversify critical mineral supply chains, particularly rare-earth elements.
The meeting brought together senior officials from Australia, Canada, the European Union, France, Germany, India, Italy, Japan, Mexico, South Korea and the United Kingdom, with India represented by Union Minister Ashwini Vaishnaw.
India-US engagement has also continued on the defence front, with a US Congressional delegation led by House Armed Services Committee Chairman Mike Rogers, along with US Ambassador to India Sergio Gor, holding discussions with Defence Secretary Rajesh Kumar Singh on January 27.
The talks focused on deepening defence industry collaboration and advancing bilateral military ties, including the recently concluded 10-year Major Defence Partnership Framework Agreement.
09:31 (IST) Feb 03
India-US trade deal: Sensex jumps over 2,200 points — Top gainers
The BSE Sensex jumped 2,260 points, or 2.77 per cent on Tuesday. Financials, energy and technology stocks led the gains, with Adani Ports, Bajaj Finance, Bajaj Finserv and IndiGo among the top performers. Heavyweights such as Reliance Industries, Infosys, HDFC Bank and ICICI Bank also traded firmly in the green.
The rally came amid major developments on the trade front between India and the United States. President Donald Trump said he plans to cut tariffs on Indian goods to 18 per cent from 25 per cent.
The rally came amid major developments on the trade front between India and the United States. President Donald Trump said he plans to cut tariffs on Indian goods to 18 per cent from 25 per cent.
09:24 (IST) Feb 03
Indian equity markets opened sharply higher on Tuesday, buoyed by optimism over the India–US trade deal announced by US President Donald Trump and Prime Minister Narendra Modi. The Nifty50 climbed above 25,800, while the BSE Sensex surged more than 2,300 points in early trade. At 9.16am, the Nifty50 was trading at 25,811.40, up 723 points or 2.88 per cent, while the Sensex stood at 83,970.33, higher by 2,304 points or 2.82 per cent.
09:16 (IST) Feb 03
India-US trade deal: Sensex soars over 3,600 points; Nifty hits fresh peak in pre-opening session
Markets surged in pre-opening trade on Tuesday, with the Sensex jumping more than 3,600 points and the Nifty hitting a fresh all-time high of 26,500, after the announcement of the India–US trade deal.
09:05 (IST) Feb 03
Immensely positive for every Indian asset class: Expert on India-US trade deal
Garima Kapoor, deputy head of research and economist at Elara Capital, said the US–India trade deal marked a significant positive shift for Indian markets after Washington agreed to lower reciprocal tariffs on India to 18 per cent. She noted that, based on Elara’s estimates, the policy-implied effective tariff rate could fall to 14.1 per cent if Russia-related penalties are removed.
The revised tariff brings India broadly in line with its peers, which face rates of around 20 per cent, and is “immensely positive for every Indian asset class”, she said, with export sectors such as gems and jewellery, textiles, machinery and automobiles set to benefit.
The revised tariff brings India broadly in line with its peers, which face rates of around 20 per cent, and is “immensely positive for every Indian asset class”, she said, with export sectors such as gems and jewellery, textiles, machinery and automobiles set to benefit.
08:48 (IST) Feb 03
Just like ceasefire, announcement of trade deal was also made by Trump: Congress
08:16 (IST) Feb 03
US Chamber of Commerce welcomes progress in US-India trade deal
The US Chamber of Commerce on Tuesday welcomed progress on the trade deal between the United States and India, describing it as a long-awaited step sought by businesses in both countries. Responding to the announcement, Chamber President and CEO Suzanne P. Clark congratulated the two governments for advancing measures to reduce tariffs and non-tariff barriers, saying these would support companies and workers on both sides.
“We congratulate the US and Indian governments on their announcement to reduce tariffs and non-tariff barriers that will benefit American and Indian companies and workers in both great nations,” she said. Clark added that the move could serve as the foundation for a broader agreement, noting optimism that it represents “the first step toward a comprehensive trade agreement”.
She reaffirmed the Chamber’s long-standing support for stronger bilateral trade ties and said it looked forward to working with both governments to implement the announcement. Clark also highlighted the strategic importance of the US–India economic relationship, calling it among the most consequential globally.
The comments followed an announcement that the two countries had agreed to cut reciprocal tariffs from 25 per cent to 18 per cent, a move welcomed by leaders in both capitals.
“We congratulate the US and Indian governments on their announcement to reduce tariffs and non-tariff barriers that will benefit American and Indian companies and workers in both great nations,” she said. Clark added that the move could serve as the foundation for a broader agreement, noting optimism that it represents “the first step toward a comprehensive trade agreement”.
She reaffirmed the Chamber’s long-standing support for stronger bilateral trade ties and said it looked forward to working with both governments to implement the announcement. Clark also highlighted the strategic importance of the US–India economic relationship, calling it among the most consequential globally.
The comments followed an announcement that the two countries had agreed to cut reciprocal tariffs from 25 per cent to 18 per cent, a move welcomed by leaders in both capitals.
07:48 (IST) Feb 03
Rollback of tariffs unlikely to significantly alter corporate earnings: Expert
Economist Sujan Hajra of Anand Rathi Group said that while the earlier 50 per cent US tariff disrupted a broad range of Indian exports, the direct impact on the earnings of listed Indian companies was limited, as exposure to the US is largely concentrated among privately held MSMEs and low-margin manufacturers. As a result, the rollback of tariffs alone is unlikely to significantly alter corporate earnings. However, he argued that the wider macroeconomic and strategic effects have been far more important. The tariff shock acted as a catalyst for long-pending reforms, including GST rationalisation, labour and compliance changes, diversification of foreign-exchange reserves, and a landmark trade agreement with the European Union. He noted that Indian equities had been weighed down by foreign portfolio outflows driven by geopolitical uncertainty rather than weak fundamentals, and that the new India–US agreement helps lift this overhang, improving India’s appeal to global investors.
Against this backdrop, President Donald Trump announced a reduction in tariffs on Indian goods to 18 per cent, after Prime Minister Narendra Modi agreed to stop buying Russian oil. Trump said India would also cut import taxes on US goods and increase purchases from the United States, calling the move key to ending the Ukraine war. Modi welcomed the decision, saying he was “delighted” and praising Trump’s leadership. The agreement comes amid broader shifts in India’s trade strategy, including a recent free trade deal with the European Union and efforts to diversify global partnerships.
Against this backdrop, President Donald Trump announced a reduction in tariffs on Indian goods to 18 per cent, after Prime Minister Narendra Modi agreed to stop buying Russian oil. Trump said India would also cut import taxes on US goods and increase purchases from the United States, calling the move key to ending the Ukraine war. Modi welcomed the decision, saying he was “delighted” and praising Trump’s leadership. The agreement comes amid broader shifts in India’s trade strategy, including a recent free trade deal with the European Union and efforts to diversify global partnerships.
07:23 (IST) Feb 03
India-US deal: US lawmaker says Trump 'must move rapidly' to strengthen India ties after trade deal
US Congresswoman Sydney Kamlager-Dove urged the Trump administration to act quickly to rebuild bilateral ties between the United States and India, following the announcement of a new trade deal between the two nations. She criticised the earlier 50 per cent tariffs on India—25 per cent of which were linked to India’s purchase of Russian oil—arguing they had damaged cooperation.
In a post on X, she said the tariffs had “tanked a year of meaningful bilateral cooperation” with India, including the planned Quad Leaders’ Summit. “With this long overdue agreement, there is no excuse for continued stagnation in the relationship,” she said, calling on the administration to deepen cooperation.
Her remarks followed President Trump’s announcement that the two countries “have agreed to a trade deal”, with tariffs cut “out of friendship and respect” for Prime Minister Narendra Modi. Trump also claimed Modi had agreed to stop buying Russian oil and reduce trade barriers.
Prime Minister Modi later welcomed the move, saying he was delighted that “Made in India products will now have a reduced tariff of 18%”.
In a post on X, she said the tariffs had “tanked a year of meaningful bilateral cooperation” with India, including the planned Quad Leaders’ Summit. “With this long overdue agreement, there is no excuse for continued stagnation in the relationship,” she said, calling on the administration to deepen cooperation.
Her remarks followed President Trump’s announcement that the two countries “have agreed to a trade deal”, with tariffs cut “out of friendship and respect” for Prime Minister Narendra Modi. Trump also claimed Modi had agreed to stop buying Russian oil and reduce trade barriers.
Prime Minister Modi later welcomed the move, saying he was delighted that “Made in India products will now have a reduced tariff of 18%”.
05:24 (IST) Feb 03
India-US deal: Cheer for exports as textiles, carpets, leather set to gain
While details are still trickling in, the announcement of the India-US trade deal couldn’t have come at a more opportune time. Having just dispatched containers for the summer season, garment and leather and footwear makers were worried about orders for the next season.
The smaller players had virtually stopped shipments over the last few months and the bigger ones, with deeper pockets, were sustaining it thanks to steep discounts that they were offering even as their US buyers too were taking a small hit.
With the trade deal announced, Indian goods are suddenly looking more competitive. This means that a product will face 18% additional tariff over the MFN or product-specific rate.
Read full story01:38 (IST) Feb 03
India-US Trade Deal Live: Rajnath Singh calls it a 'landmark moment for India-US relations'
"A landmark moment for India-US relations as a historic trade deal has been finalised, bringing tariffs down to a significantly lower 18% and opening a new chapter of deeper and greater economic cooperation. I congratulate Prime Minister Narendra Modi and US President Donald Trump on reaching this decisive agreement, which will significantly strengthen our strategic partnership and deliver tangible benefits to both the countries and their people. With this agreement, India–US economic ties are set to reach new heights," Union defence minister Rajnath Singh posted on X.
01:08 (IST) Feb 03
India-US Trade Deal Live: Jaishankar says deal to 'create more jobs, spur growth and promote innovation in both economies'
"Welcome the announcements on bilateral trade following the conversation between PM @narendramodi and President @realDonaldTrump. This will create more jobs, spur growth and promote innovation in both economies. It will strengthen ‘Make in India’ endeavors and encourage trusted technology ties. The opportunities in our economic engagement are truly vast and we are confident of realizing them. A robust economic relationship is the strongest foundation for our strategic partnership," Jaishankar said.
00:44 (IST) Feb 03
India-US Trade Deal Live: Indian ambassador to the USA calls it a 'big win for a consequential partnership'
"A big WIN for a consequential partnership under the leadership of Prime Minister Narendra Modi @narendramodi
and President Donald Trump @POTUS India and USA announce trade deal creating vast new opportunities for the two economies and the people of our two great nations. Today’s announcements herald an exciting new phase in our partnership," Indian ambassador to the USA Vinay Mohan Kwatra, posted on X.
and President Donald Trump @POTUS India and USA announce trade deal creating vast new opportunities for the two economies and the people of our two great nations. Today’s announcements herald an exciting new phase in our partnership," Indian ambassador to the USA Vinay Mohan Kwatra, posted on X.
00:39 (IST) Feb 03
India-US Trade Deal Live: Amit Shah says it's a 'big day for India-US relations'
00:27 (IST) Feb 03
India-US Trade Deal Live: Ashwini Vaishnaw says trade agreement is a win-win
The India-US trade deal is a win-win deal and citizens and industries of both countries will benefit greatly from this agreement, Union minister Ashwini Vaishnaw said on Monday.
“US and India are world’s largest democracies. Both countries are natural allies. Together, India and US have huge potential to work for peace and development,” said Vaishnaw.
“US and India have complementary strengths. Both countries can co-create technologies and co-develop solutions that will benefit the world. Trade deal between US and India will lead to brighter future for both countries. India-US trade deal is a win-win deal. Citizens and industries of both countries will benefit greatly from this deal,” the minister said.
00:14 (IST) Feb 03
India-US Trade Deal Live: India–US face-off over tariffs since Trump imposed duties on India
- April 2, 2025 — The United States imposed a 26% “reciprocal tariff” on several Indian imports as part of President Donald Trump’s global “Liberation Day” tariff push.
- April 10 — Trump announced a 90-day pause on the higher tariffs but retained a flat 10% duty on all US imports.
- July 31 — Trump declared a 25% tariff on all Indian goods, warning of additional penalties if India continued importing Russian oil.
- August 7 — The US raised tariffs on Indian goods shipped to the United States to 50%, citing India’s continued purchases of Russian oil. This marked the highest tariff imposed on any US trading partner.
00:05 (IST) Feb 03
India-US Trade Deal Live: Here's what US envoy said about the 25% punitive tariff over India's purchasing of Russian crude oil
US Ambassador to India Sergio Gor also told a TV channel that the final figure of tariff on India will be 18%. He also said that the 18% tariff rate is effective immediately, and that India would buy $500 billion worth of US energy, coal, technology and agricultural products.
Read full story23:55 (IST) Feb 02
India-US Trade Deal Live: PM Modi also committed to 'buy American' at a much higher level, says Trump
US President Donald Trump, posting aboutproposed trade deal with India, said PM Modi was committed to 'buy American' at a much higher level.
23:46 (IST) Feb 02
India-US Trade Deal Live: Congress takes 'Trump-nirbharta' dig at govt after US envoy confirms Trump-Modi call
The Congress took a swipe at the central government on Monday after the US ambassador to New Delhi confirmed that President Donald Trump has spoken with Prime Minister Narendra Modi, saying it now seems to be a routine that India gets to know of its government's actions only from Trump or his appointees.
In a social media post, US Ambassador Segio Gor said Trump spoke with Modi on Monday.
"President Trump just spoke with Prime Minister Modi. STAY TUNED," Gor said in the post.
Reacting to the development, senior Congress leader and Rajy Sabha member Jairam Ramesh said, "It seems that Prime Minister Modi and President Trump spoke to each other today. This information has been provided not by the Indian side but by the US Ambassador to India.
"This now seems to be the routine -- India gets to know of its government's actions only from President Trump or his appointees. Trump-nirbharta," the Congress leader said on X.
23:17 (IST) Feb 02
India-US Trade Deal Live: 'Mr Modi has capitulated finally,' says Congress' Jairam Ramesh
"He (Trump) announced the halt of Op Sindoor from Washington DC.He announced the updates on India’s oil purchases from Russia and Venezuela from Washington.He’s now announced an India-US Trade Deal from Washington, the full details of which are awaited,President Trump clearly seems to have some leverage over Prime Minister Modi - who is now mortified of even being seen with him, let alone engage in the usual bout of hugs. It appears Mr. Modi has capitulated finally. Surely this cannot be the father of all deals.In Washington clearly Mogambo Khush Hai," tweets Jairam Ramesh.
23:06 (IST) Feb 02
India-US Trade Deal Live: 'Delighted that Made In India products will now have reduced 18% tariff,' says PM Modi
"Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement.When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation.President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace.I look forward to working closely with him to take our partnership to unprecedented heights," tweets PM Modi.
22:59 (IST) Feb 02
India-US Trade Deal Live: US envoy to India Sergio Gor says US-India relationship has 'limitless potential'
"As I have said many times, President Trump genuinely considers Prime Minister Modi a great friend! Thrilled by the news of the trade deal this evening. The relationship between the United States and India has LIMITLESS POTENTIAL!" tweets US ambassador to India Sergio Gor after US President Donald Trump announces 'immediate' trade deal with India.
22:54 (IST) Feb 02
India-US Trade Deal Live: 'PM Modi and I get things done', says Donald Trump
Following their high-stakes phone call, US President Donald Trump took to Truth Social to express his deep respect for Prime Minister Narendra Modi, describing him as a "powerful and respected leader" and one of his "greatest friends."
In a statement highlighting their personal chemistry, Trump remarked that he and the Prime Minister are "two people that GET THINGS DONE," contrasting their decisive action with others.
In a statement highlighting their personal chemistry, Trump remarked that he and the Prime Minister are "two people that GET THINGS DONE," contrasting their decisive action with others.
22:45 (IST) Feb 02
India-US Trade Deal Live: US deal follows India's "mother of all deals" with EU
The finalised agreement with the United States comes just days after India concluded a massive free trade agreement with the European Union, which leaders on both sides described as the "mother of all deals."
While the EU remains India’s largest trading partner as an economic bloc, the United States continues to be India's single largest trading partner as a country.
The rapid succession of these two major deals highlights India's growing leverage and its successful efforts to provide relief for exporters hit hard by global tariff fluctuations.
While the EU remains India’s largest trading partner as an economic bloc, the United States continues to be India's single largest trading partner as a country.
The rapid succession of these two major deals highlights India's growing leverage and its successful efforts to provide relief for exporters hit hard by global tariff fluctuations.
22:44 (IST) Feb 02
India-US Trade Deal Live: $500 billion commitment to US energy and technology
Under the terms of the new deal, India has committed to purchasing over $500 billion worth of US products, spanning energy, technology, agriculture, coal, and other critical sectors, according to Trump's post on Truth Social.
US treasury secretary Scott Bessent had previously hinted at this breakthrough, framing the rollback of punitive tariffs as a victory for US pressure tactics.
Despite these massive procurement commitments, India has maintained its stance of strategic autonomy, ensuring that its sensitive agriculture and dairy sectors remain protected under the new framework.
US treasury secretary Scott Bessent had previously hinted at this breakthrough, framing the rollback of punitive tariffs as a victory for US pressure tactics.
Despite these massive procurement commitments, India has maintained its stance of strategic autonomy, ensuring that its sensitive agriculture and dairy sectors remain protected under the new framework.
22:44 (IST) Feb 02
India-US Trade Deal Live: India to pivot from Russian oil to US and Venezuelan crude
As part of the strategic agreement, Prime Minister Modi has reportedly agreed to stop purchasing Russian oil and instead significantly increase imports from the United States and potentially Venezuela.
Trump emphasised that this shift is aimed at ending the war in Ukraine by cutting off indirect financing. This marks a significant change for India, the world’s third-largest oil importer, which had recently emerged as the largest buyer of discounted Russian seaborne crude following Western sanctions on Moscow.
Trump emphasised that this shift is aimed at ending the war in Ukraine by cutting off indirect financing. This marks a significant change for India, the world’s third-largest oil importer, which had recently emerged as the largest buyer of discounted Russian seaborne crude following Western sanctions on Moscow.
22:43 (IST) Feb 02
India-US Trade Deal Live: Reciprocal tariffs slashed from 25% to 18%
In a major de-escalation of trade tensions, President Trump confirmed that the US will immediately lower its reciprocal tariff on Indian goods from 25% to 18%. This reduction follows a period where the US administration had levied a steep 50% punitive tariff on Indian exports, half of which (25%) was specifically linked to India's purchase of Russian crude oil. In return, India has committed to moving toward zero tariffs and non-tariff barriers on US products and adopting a "Buy American" policy at a significantly higher level, according to Trump.
22:43 (IST) Feb 02
India-US Trade Deal Live: Donald Trump finalises "immediate" agreement after PM Modi call
On Monday, US President Donald Trump announced the finalisation of a historic trade deal between the United States and India following a telephonic conversation with Prime Minister Narendra Modi.
Describing the Prime Minister as a "great friend" and a "powerful leader," Trump revealed that the agreement was finalised after months of negotiations and significant tariff pressure. This announcement followed a "stay tuned" teaser from US Ambassador to India Sergio Gor.
Describing the Prime Minister as a "great friend" and a "powerful leader," Trump revealed that the agreement was finalised after months of negotiations and significant tariff pressure. This announcement followed a "stay tuned" teaser from US Ambassador to India Sergio Gor.
India-US trade deal Live: India has maintained its firm stance on agriculture and dairy while asserting strategic autonomy for its energy security. However, the recent US sanctions on Russian oil majors had forced Indian refiners to cut back on crude oil procurement from Russia.
Commerce Minister Piyush Goyal held a press conference today in which he suggested that the trade deal is in final stages of detailing. He added that a joint statement by India-US giving details of the trade pact will be issued soon.
“The final details of negotiations and the joint statement by both countries will be completed shortly. The trade deal details will be shared soon,” Goyal said.
Commerce Minister Piyush Goyal held a press conference today in which he suggested that the trade deal is in final stages of detailing. He added that a joint statement by India-US giving details of the trade pact will be issued soon.
“The final details of negotiations and the joint statement by both countries will be completed shortly. The trade deal details will be shared soon,” Goyal said.
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