US-India Trade Agreement Reduces Tariffs, India Set to Purchase $500 Billion in American Products
India Index founder and CEO Samir Kapadia discusses the benefits of President Donald Trump’s trade deal with India on ‘Mornings with Maria.’
The U.S. and India have reached an interim trade deal that aims to lower tariffs between the two nations, as revealed in a joint statement released on Friday.
This agreement is described as a “historic milestone” in the partnership between the United States and India, showcasing a mutual commitment to reciprocal and balanced trade that is based on shared interests and tangible outcomes. The statement emphasized the importance of this collaboration.
U.S. Trade Ambassador Jamieson Greer praised President Donald Trump for his “dealmaking” skills, noting that the agreement “is unlocking one of the largest economies in the world for American workers and producers.” He highlighted that tariffs on all U.S. industrial goods and a variety of agricultural products will be reduced.
Greer further stated that the announcement signifies the strengthening ties between the United States and India, creating new opportunities for farmers and entrepreneurs in both countries. He expressed gratitude to Indian Minister of Commerce and Industry Goyal for his leadership and dedication to achieving fair and balanced trade with the U.S.
US, ARGENTINA STRIKE SWEEPING TRADE DEAL CUTTING TARIFFS, OPENING MARKETS TO US EXPORTS
President Donald Trump and Indian Prime Minister Narendra Modi shake hands before their meeting at Hyderabad House, Feb. 25, 2020, in New Delhi, India. (AP Photo/Alex Brandon, file) (AP Photo/Alex Brandon, file / AP Newsroom)
This announcement follows Trump’s statement on Monday, indicating that the U.S. and India had reached an agreement after a phone call with Prime Minister Modi.
As part of the deal, India will eliminate or reduce tariffs on all U.S. industrial goods, as well as various food and agricultural products, including animal feed, tree nuts, and fruits.
In exchange, the U.S. will impose a reciprocal tariff rate of 18% on goods imported from India, covering categories such as textiles and apparel, leather and footwear, organic chemicals, home décor, and certain machinery.
CHARLES PAYNE UNPACKS THE ‘GUT PUNCH’ OF TRUMP’S DEAL WITH INDIA
A billboard in Ahmedabad, India, in 2020 of President Trump, the first lady and Indian Prime Minister Narendra Modi. (Reuters/Amit Dave / Reuters)
Upon the successful conclusion of the interim agreement, the U.S. will also eliminate reciprocal tariffs on additional products, including generic pharmaceuticals, gems and diamonds, and aircraft parts, as stated in the joint announcement.
The previous 50% tariff on Indian goods was reduced in exchange for India halting its purchases of Russian oil and lowering trade barriers.
A general view of the Deendayal Port in Kandla, in the western state of Gujarat, India. (Reuters/Amit Dave / Reuters)
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The agreement also states that “India intends to purchase $500 billion of U.S. energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years.”
A formal trade agreement between the two countries is anticipated to be finalized in March.
India Index founder and CEO Samir Kapadia discusses the benefits of President Donald Trump’s trade deal with India on ‘Mornings with Maria.’
The U.S. and India have reached an interim trade deal that aims to lower tariffs between the two nations, as revealed in a joint statement released on Friday.
This agreement is described as a “historic milestone” in the partnership between the United States and India, showcasing a mutual commitment to reciprocal and balanced trade that is based on shared interests and tangible outcomes. The statement emphasized the importance of this collaboration.
U.S. Trade Ambassador Jamieson Greer praised President Donald Trump for his “dealmaking” skills, noting that the agreement “is unlocking one of the largest economies in the world for American workers and producers.” He highlighted that tariffs on all U.S. industrial goods and a variety of agricultural products will be reduced.
Greer further stated that the announcement signifies the strengthening ties between the United States and India, creating new opportunities for farmers and entrepreneurs in both countries. He expressed gratitude to Indian Minister of Commerce and Industry Goyal for his leadership and dedication to achieving fair and balanced trade with the U.S.
US, ARGENTINA STRIKE SWEEPING TRADE DEAL CUTTING TARIFFS, OPENING MARKETS TO US EXPORTS
President Donald Trump and Indian Prime Minister Narendra Modi shake hands before their meeting at Hyderabad House, Feb. 25, 2020, in New Delhi, India. (AP Photo/Alex Brandon, file) (AP Photo/Alex Brandon, file / AP Newsroom)
This announcement follows Trump’s statement on Monday, indicating that the U.S. and India had reached an agreement after a phone call with Prime Minister Modi.
As part of the deal, India will eliminate or reduce tariffs on all U.S. industrial goods, as well as various food and agricultural products, including animal feed, tree nuts, and fruits.
In exchange, the U.S. will impose a reciprocal tariff rate of 18% on goods imported from India, covering categories such as textiles and apparel, leather and footwear, organic chemicals, home décor, and certain machinery.
CHARLES PAYNE UNPACKS THE ‘GUT PUNCH’ OF TRUMP’S DEAL WITH INDIA
A billboard in Ahmedabad, India, in 2020 of President Trump, the first lady and Indian Prime Minister Narendra Modi. (Reuters/Amit Dave / Reuters)
Upon the successful conclusion of the interim agreement, the U.S. will also eliminate reciprocal tariffs on additional products, including generic pharmaceuticals, gems and diamonds, and aircraft parts, as stated in the joint announcement.
The previous 50% tariff on Indian goods was reduced in exchange for India halting its purchases of Russian oil and lowering trade barriers.
A general view of the Deendayal Port in Kandla, in the western state of Gujarat, India. (Reuters/Amit Dave / Reuters)
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
The agreement also states that “India intends to purchase $500 billion of U.S. energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years.”
A formal trade agreement between the two countries is anticipated to be finalized in March.
