Interim Trade Framework Signals New Phase in US, India Ties
In a swift follow-up, Trump removed a 25% additional levy he had earlier placed on Indian exports as punishment for New Delhi’s purchases of Russian crude oil, marking his first substantial action to cement the apparent breakthrough.
The rollback of the surcharge coincided with a joint announcement from Washington and New Delhi stating that the trade framework "reaffirms the countries’ commitment to the broader U.S.-India Bilateral Trade Agreement (BTA) negotiation."
According to the statement, the discussions "will include additional market access commitments and support more resilient supply chains."
Officials from both sides emphasized that "The Interim Agreement between the United States and India will represent a historic milestone in our countries’ partnership, demonstrating a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes," underscoring the symbolic and practical importance of the deal.
Under the agreed provisions, India is set to reduce or scrap duties on American manufactured products as well as a "wide range" of U.S. farm goods. Separately, the United States plans to cut its own reciprocal tariff — distinct from the Russia-related oil penalty — to 18%, while also eliminating charges on Indian aircraft and related components.
The joint declaration further noted that both nations will extend preferential treatment to one another in "sectors of respective interest on a sustained basis." In addition, India committed to "address long-standing barriers to the trade in U.S. medical devices."
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
