A New Chapter in US-India Trade Relations: Tariff Cuts Boost 'Made in India'
Finance Minister Nirmala Sitharaman announced the US's reduction of tariffs on Indian goods as a major boost for the 'Made in India' initiative. Following talks between PM Modi and President Trump, the reciprocal agreement saw India promising to lower trade barriers and increase imports from the US across sectors.
- Country:
- India
The United States' decision to lower tariffs on Indian goods marks a significant milestone in trade relations between the two nations. Announced by Finance Minister Nirmala Sitharaman, the tariff reduction to 18% is expected to propel the 'Made in India' initiative, offering new opportunities for Indian exports.
This historic development is the result of a high-profile conversation between Prime Minister Narendra Modi and US President Donald Trump. In a reciprocal move, India has committed to reducing its trade barriers, facilitating a broader import of US goods, especially in energy, technology, and agriculture.
Prime Minister Modi expressed gratitude towards President Trump, emphasizing that this collaboration between two major democracies will unlock immense opportunities for partnership. President Trump also highlighted India's commitment to buying over USD 500 billion worth of American products.
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