Hope and uncertainty as India and US strike long-delayed trade deal
AI Summary
The US and India have reached a trade agreement that lowers US tariffs on Indian goods from 50% to 18%, a move welcomed by Indian industry after a period of strained relations. The previous high tariffs, imposed by the Trump administration, had negatively impacted Indian exports to the US, particularly in sectors like textiles and seafood. While details of the agreement remain unclear, the reduction aims to align India's tariff rates with other Asian nations and potentially ease pressure on the Indian rupee and trade deficit. The deal follows India's recent efforts to diversify its trade relationships, including a major agreement with the EU. Former President Trump claimed the agreement was contingent on India reducing its purchase of Russian oil.
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