What is the story about?
A day after announcing a trade deal between India and the US, President Donald Trump’s trade envoy Jamieson Greer described the long-awaited agreement as an “exciting opportunity”, while noting that the final paperwork is still being completed.
Speaking to CNBC on Tuesday, the US Trade Representative said the broad contours and specifics of the deal have been agreed, but the text is still being finalised. “We’ll finish papering it, but we know the specifics, we know the details,” Greer said, adding that India is maintaining some protection for agricultural goods.
Earlier in the day, Union commerce minister Piyush Goyal said the India–US trade deal is in its final stages. Addressing a press conference, Goyal said a joint statement outlining the agreement would be issued once technical processes are completed.
“We will be shortly issuing a joint statement by both countries along with the details, which we will be shortly inking between the United States of America and India,” Goyal said, adding that full details would be shared after the final understanding is signed.
US President Donald Trump announced the deal on Truth Social on Monday night, saying Washington and New Delhi had concluded an agreement that would lower tariffs on Indian goods from 50 percent to 18 percent.
Confirming the deal, Prime Minister Narendra Modi said cooperation between the two countries would unlock “immense opportunities for mutually beneficial cooperation”.
While the detailed terms of the agreement are yet to be made public, Trump claimed India had agreed to halt purchases of Russian oil, which had triggered an additional 25 percent tariff levy. The Kremlin, however, said it has not received any official communication from India regarding such a move.
Trump also said the agreement goes beyond tariff reductions, claiming India would cut both tariff and non-tariff barriers on US goods to zero and commit to purchasing more than $500 billion worth of American energy, technology, agricultural products, coal and other goods.
Speaking to CNBC on Tuesday, the US Trade Representative said the broad contours and specifics of the deal have been agreed, but the text is still being finalised. “We’ll finish papering it, but we know the specifics, we know the details,” Greer said, adding that India is maintaining some protection for agricultural goods.
Goyal says agreement in final stages
Earlier in the day, Union commerce minister Piyush Goyal said the India–US trade deal is in its final stages. Addressing a press conference, Goyal said a joint statement outlining the agreement would be issued once technical processes are completed.
“We will be shortly issuing a joint statement by both countries along with the details, which we will be shortly inking between the United States of America and India,” Goyal said, adding that full details would be shared after the final understanding is signed.
Trump announces tariff cuts
US President Donald Trump announced the deal on Truth Social on Monday night, saying Washington and New Delhi had concluded an agreement that would lower tariffs on Indian goods from 50 percent to 18 percent.
Confirming the deal, Prime Minister Narendra Modi said cooperation between the two countries would unlock “immense opportunities for mutually beneficial cooperation”.
Russian oil claim draws response from Kremlin
While the detailed terms of the agreement are yet to be made public, Trump claimed India had agreed to halt purchases of Russian oil, which had triggered an additional 25 percent tariff levy. The Kremlin, however, said it has not received any official communication from India regarding such a move.
Beyond tariffs, says Trump
Trump also said the agreement goes beyond tariff reductions, claiming India would cut both tariff and non-tariff barriers on US goods to zero and commit to purchasing more than $500 billion worth of American energy, technology, agricultural products, coal and other goods.
