India and US Move Closer to Trade Pact, Targeting Reduced Tariffs on Imports

India and the United States are on the verge of a pivotal trade agreement that could significantly lower U.S. tariffs on Indian imports, enhancing economic ties.

The proposed trade pact aims to reduce U.S. tariffs on Indian imports from 50% to between 15% and 16%, according to Indias Mint.
Central to the negotiations are issues related to energy and agriculture, with India expected to gradually decrease its imports of Russian crude oil.
Both Indias Ministry of Commerce and Industry and the White House have not commented on the report, which suggests a potential shift in U.S.-India trade relations.

Why It Matters

This trade agreement could strengthen economic collaboration between India and the United States, impacting global trade dynamics, especially in the context of energy dependence and geopolitical tensions involving Russia.