India US Trade Deal LIVE Updates: Agreement to deepen ties, push exports in labour-intensive sectors, says Revenue secretary
PM Modi and US President Donald Trump. (File)
India US Trade Deal News Today LIVE Updates: The India-US trade deal will expand and deepen trade between the two large economies and create more opportunities for export of the country’s labour-intensive and manufacturing sectors in the American market. “It will create more opportunities for our labour-intensive and manufacturing sectors in the US market and give impetus to mutually-beneficial collaboration in high and advanced technology sectors,” said Revenue Secretary Arvind Shrivastava.
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%.
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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. Trump said Washington would reduce its reciprocal tariff on Indian goods 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.
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