Washington:
The Donald Trump administration has termed the new India-United States trade deal a “historic” step, which, according to the White House, will open the Indian market of over 1.4 billion people to American products. The White House has also released a statement defining the key terms of the deal, under which the US has agreed to lower the reciprocal tariff on India from 25 per cent to 18 per cent.
The statement brought clarity on several aspects of the deal, especially on President Trump’s claim of India agreeing to cut “tariffs and non-tariff barriers against the United States to ZERO”. It also specified that Trump has agreed to remove the additional 25 per cent tariff on Indian imports in recognition of New Delhi’s commitment to stop purchasing Russian oil.
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