US-India Trade Deal: A Zero-Tariff Revolution
The US-India trade deal will lower tariffs on American industrial and agricultural goods to zero, expanding market access. While the US will maintain some tariffs due to a trade deficit, India will reduce tariffs on many goods, providing new opportunities for American farmers and producers.
The United States and India have announced a breakthrough trade deal that sets to eliminate tariffs on a vast selection of American industrial and agricultural goods, including produce like fruits and vegetables. The agreement was highlighted by President Donald Trump as a "big win" for trade relations between the two nations.
According to United States Trade Representative Jamieson Greer, while the US will still enforce an 18% tariff on Indian goods due to trade imbalances, India has committed to reducing its overall tariff rate from an average of 13.5% to nearly zero. This significant reduction in tariffs is expected to expand market access for American goods.
The trade pact also addresses non-tariff barriers, setting a foundation for recognizing US standards in India. This development could lead to a larger US market presence in India, a country with over a billion consumers. Additionally, progress was reported in diversifying energy imports, with India reducing its reliance on Russian oil and increasing purchases from the US.
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