India-US trade deal HIGHLIGHTS: Trump-Modi confirm tariffs reduced to 18%; GIFT NIFTY, rupee vs dollar in focus

India-US trade deal HIGHLIGHTS:

A day after India’s Union budget, India and the United States sealed a breakthrough trade pact on late Monday evening, February 2, capping months of hard bargaining and multiple negotiation rounds. Under the agreement, the steep 25% reciprocal tariff on Indian exports will be pared down to 18%, offering significant relief to exporters. The levy had been imposed by US President Donald Trump late last year. Relations between the two countries reached a low after Washington doubled the tariff to 50%, accusing India of continuing oil purchases from Russia amid the Ukraine war.

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