What is the story about?
India and the United States have announced a trade deal, following a phone call between US President Donald Trump and Prime Minister Narendra Modi. Now, Trump has announced that tariffs on Indian goods have been reduced from 50 per cent to 18 per cent.
The earlier 50 per cent levy was made up of a 25 per cent reciprocal tariff and an extra 25 per cent import duty imposed over India’s imports of Russian crude oil.
Announcing the news on his social media platform Truth Social, Trump said, "It was an honor to speak with Prime Minister Modi of India this morning. We spoke about many things, including trade, and ending the war with Russia and Ukraine. He agreed to stop buying Russian oil, and to buy much more from the United States and, potentially, Venezuela."
He further wrote, "Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a trade deal between the United States and India, whereby the United States will charge a reduced reciprocal tariff, lowering it from 25 per cent to 18 per cent."
PM Modi welcomed the move as good news for 'Made in India' products and thanked Trump on behalf of “1.4 billion people of India.”
In an X post, the PM noted, “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."
Here's how US duties on Indian goods compare to other nations.
Brazil - 50 per cent
Myanmar - 40 per cent
Laos - 40 per cent
Syria - 40 per cent
China - 37 per cent
South Africa - 30 per cent
Canada - 25 per cent
Mexico - 25 per cent
Bangladesh - 20 per cent
Vietnam - 20 per cent
Malaysia - 19 per cent
Cambodia - 19 per cent
Thailand - 19 per cent
Pakistan - 19 per cent
European Union - 15 per cent
Japan - 15 per cent
South Korea - 15 per cent
Switzerland - 15 per cent
United Kingdom - 10 per cent
With inputs from agencies
The earlier 50 per cent levy was made up of a 25 per cent reciprocal tariff and an extra 25 per cent import duty imposed over India’s imports of Russian crude oil.
Announcing the news on his social media platform Truth Social, Trump said, "It was an honor to speak with Prime Minister Modi of India this morning. We spoke about many things, including trade, and ending the war with Russia and Ukraine. He agreed to stop buying Russian oil, and to buy much more from the United States and, potentially, Venezuela."
He further wrote, "Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a trade deal between the United States and India, whereby the United States will charge a reduced reciprocal tariff, lowering it from 25 per cent to 18 per cent."
PM Modi welcomed the move as good news for 'Made in India' products and thanked Trump on behalf of “1.4 billion people of India.”
In an X post, the PM noted, “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."
Here's how US duties on Indian goods compare to other nations.
Brazil - 50 per cent
Myanmar - 40 per cent
Laos - 40 per cent
Syria - 40 per cent
China - 37 per cent
South Africa - 30 per cent
Canada - 25 per cent
Mexico - 25 per cent
Bangladesh - 20 per cent
Vietnam - 20 per cent
Malaysia - 19 per cent
Cambodia - 19 per cent
Thailand - 19 per cent
Pakistan - 19 per cent
European Union - 15 per cent
Japan - 15 per cent
South Korea - 15 per cent
Switzerland - 15 per cent
United Kingdom - 10 per cent
With inputs from agencies
