India–US Trade Deal Terms Clarified Amid Questions Over “Zero Tariff” Claims
The White House statement clears up on several fronts of the deal particularly Trump’s statement where he said India would reduce tariffs on US goods to “zero”.
Officials address confusion surrounding zero tariff claims as details of the India–US trade agreement emerge
The Donald Trump administration has hailed the new India-US trade deal key terms as “historic” and will open up India’s market of more than 1.4 billion consumers to US products, the White House said. The White House statement outlining what are the key details of the trade deal which has been agreed upon by both nations, under which the US has reduced Reciprocal tariff reduction 18% which has decreased from 25 per cent to 18 per cent.
The statement clears up on several fronts of the deal particularly Trump’s statement on Thursday where he said India agreed to cut “tariffs and non-tariff barriers against the Zero tariff claim India-US agreement”. He also added that he has agreed to lift the extra 25 per cent tariff on all Indian goods imported into the US, in exchange for India’s commitment not to buy Russian oil.
White House said India has agreed to “eliminate or reduce tariffs” on all US industrial goods, as well as certain food and agricultural products, such as “dried distillers’ grains (DDGs), red sorghum, tree nuts, fresh and processed fruit, certain pulses, soybean oil, wine and spirits, and other products.”
Furthermore, it added India has agreed to purchase more American goods. It will purchase over $ 500 billion of US energy, information and communication technology, agriculture coal and other goods.
It also underlined that New Delhi will also address the non-tariff barriers which would help bilateral trade for goods and services in the priority areas.
