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India-US Trade Deal Cuts Tariffs to 18%, Hailed as Win-Win by Ministers

Union Finance Minister Nirmala Sitharaman announced that the new India-US trade deal will reduce tariffs on Made in India products to 18%, benefiting both nations. She and Railways Minister Ashwini Vaishnaw praised the agreement, stating it leverages the complementary strengths of the world's two largest democracies. The deal, reached following a phone call between Prime Minister Narendra Modi and US President Donald Trump, also involves India increasing purchases of US energy and agricultural products. Both leaders expressed commitment to strengthening ties and working together for global peace and mutual prosperity.

Key Points: India-US Trade Deal: Tariffs Cut, Benefits Hailed by Sitharaman

  • Tariffs on Indian goods cut to 18%
  • Deal hailed as win-win for both nations
  • Aims to boost trade and co-create technologies
  • Part of broader strategic partnership
2 min read

People of both countries will benefit: Nirmala Sitharaman, Ashwini Vaishnaw hail India-US trade deal

India & US seal trade deal, cutting tariffs on Indian goods to 18%. Ministers Sitharaman & Vaishnaw hail benefits for both democracies' people & industries.

"Good news for Made In India products. They will now face reduced tariff of 18 per cent. - Nirmala Sitharaman"

New Delhi, Feb 3

Union Finance Minister Nirmala Sitharaman on Tuesday said that the India-US trade deal will benefit the people of "two large democracies" and thanked Prime Minister Narendra Modi and US President Donald Trump for reaching an agreement.

Taking to X, Sitharaman said, "Good news for Made In India products. They will now face reduced tariff of 18 per cent. Thanking the leadership of PM Narendra Modi and US President Donald Trump for this development. People of our two large democracies stand to benefit."

Ashwini Vaishnaw, Union Minister for Railways, Information & Broadcasting, Electronics & Information Technology, also took to social media and welcomed the trade deal between India and the US.

"US and India are world's largest democracies. Both countries are natural allies. Together, India and US have huge potential to work for peace and development. US and India have complementary strengths. Both countries can co-create technologies and co-develop solutions that will benefit the world," Vaishnaw posted on X.

"Trade deal between US and India will lead to brighter future for both countries. India-US Trade deal is a win-win deal. Citizens and industries of both countries will benefit greatly from this deal," he added.

Earlier on Monday, Trump said a phone call with Prime Minister Narendra Modi led to the deal, cutting US tariffs on Indian goods to 18 per cent and easing Indian trade barriers on US products.

Trump said India would also stop buying Russian oil and increase purchases of US energy, technology and agricultural products. He said the agreement would strengthen ties between the two countries and support efforts to end the war in Ukraine.

PM Modi also took to X and said, "Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18 per cent. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement."

He said that when two "large economies" and the "world's largest democracies" work together, "it benefits our people and unlocks immense opportunities for mutually beneficial cooperation".

Hailing President Trump's "leadership" in advocating for global peace, stability, and prosperity, the Prime Minister said, "India fully supports his efforts for peace".

"I look forward to working closely with him to take our partnership to unprecedented heights," PM Modi added.

- IANS

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Reader Comments

S
Sarah B
As someone working in tech exports, this is excellent news. Easier access to the US market for our software and IT services can be a game-changer for the industry. The co-creation part mentioned by Vaishnaw is key.
R
Rohit P
Win-win deal sounds good, but I hope our farmers are protected. Increasing purchases of US agricultural products should not hurt our local farmers' livelihoods. The government must ensure a balanced approach.
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Priya S
Finally some good news on the economic front! This deal strengthens our position globally. The stop on Russian oil is a big strategic move aligning with the West. Jai Hind!
M
Michael C
While the trade benefits are clear, the article mentions India stopping Russian oil purchases. This could impact our energy costs and needs careful handling to avoid inflation for the common man.
K
Kavya N
Natural allies indeed. The US and India sharing technology and working for peace is the need of the hour. Hope this partnership brings down prices of some imported electronics and gadgets for us consumers! 😊

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