27 Feb US-India Trade Deal Lowers Tariffs
A trade deal has been reached by the U.S. and India which will reduce U.S. tariffs on Indian goods to 18% from 50% (effective immediately) in exchange for India halting Russian oil purchases and lowering trade barriers.
This agreement includes goods such as textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, certain machinery, generic pharmaceuticals, gems, diamonds and aircraft parts once the agreement is formalised. Furthermore, the U.S. has stated it will rescind tariffs currently in place for steel, aluminium and copper imports for certain aircraft and aircraft parts.
Meanwhile, India agreed to remove import licensing procedures for U.S. medical devices and consider acceptance of U.S. and international standards for certain imported goods. In addition, India has agreed to buy $500 billion of U.S. energy products, aircraft and aircraft metals, technology products and coking coal in the next five years.
At this stage, there is no timeline for the implementation of this framework.
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