India US Trade Deal LIVE Updates: : Sensex soars over 2,000 points, Nifty trades above 25,200 after India-US deal
PM Modi and US President Donald Trump. (File)
India US Trade Deal News Today LIVE Updates: The stock market surged early in the trading session on Tuesday after US President Donald Trump announced a trade deal with India that would sharply cut tariffs on Indian imports to 18% from 50%. The BSE’s 30-stock flagship Sensex index, which opened the session 4.5% higher, was up 2,344.94 points, or 2.9%, at 84,011 points at around 9:20 AM. The Nifty 50, the National Stock Exchange’s top index, rose to 26,308.05 points, up 708 points, or 2.8%.
What’s been agreed: Ending months of strained ties and punitive trade measures, the United States has agreed to sharply reduce tariffs on Indian goods to 18% from 50% after US President Donald Trump spoke with Prime Minister Narendra Modi, announcing what he called a “historic” trade deal.
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Donald Trump said Washington would reduce its reciprocal tariff on Indian goods to 18% and drop the additional 25% penalty imposed over India’s purchase of Russian oil, while New Delhi would move to cut its tariffs and non-tariff barriers on US goods to zero and significantly increase purchases of American products.
What Trump and Modi said : “It was an honour to speak with Prime Minister Modi,” Trump said, adding that India had agreed to stop buying Russian oil and commit to buying more than $500 billion worth of US energy, technology and agricultural products, while PM Modi said he was “delighted” that tariffs on Made in India goods had been reduced and called the deal beneficial for both democracies.
The breakthrough comes days after India and the European Union concluded a long-pending free trade agreement, as New Delhi seeks to diversify partnerships amid global trade tensions.
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