This post was originally published on The Economic Times
In a major relief to the export fraternity, US President Donald Trump reduced the reciprocal tariffs from 25% to 18% highlighting his “friendship” with India. Sectors such as textiles and apparel are expected to be direct beneficiaries of this trade deal.
In his post on Truth Social, US President Donald Trump said, “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,” he said.
PM Narendra Modi acknowledged the trade deal between India and the US and, in a post on X, stated, “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.”
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