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News Topical, Digital Desk : The Trump administration has described the India-US trade deal as historic. The White House says the deal has opened the Indian market to American products.
The White House has also issued a statement outlining the specific terms of the deal, under which the US has agreed to reduce the reciprocal tariff on India from 25 percent to 18 percent.
On what did India agree?
This statement clarified many aspects of the deal, especially President Trump's claim that India has agreed to reduce tariff and non-tariff barriers against the US to zero.
It also said that Trump has agreed to remove the additional 25 percent tariff on Indian imports, accepting New Delhi's promise to stop buying Russian oil.
What items did India remove tariffs from?
The White House said India has agreed to eliminate or reduce tariffs on all US industrial goods and a range of US food and agricultural products , including dried distillers grains (DDGs), red sorghum, tree nuts, fresh and processed fruits, some pulses, soybean oil, wine and spirits, and other products.
The statement also said that India has pledged to buy more American products and purchase more than $500 billion worth of energy, information and communication technology, agricultural coal and other US products.
What things did you agree on?
The statement stressed that New Delhi has also agreed to remove non-tariff barriers impacting bilateral trade in priority sectors.
Additionally, India will also eliminate its digital services tax and has pledged to negotiate stronger bilateral digital trade rules, including rules prohibiting the imposition of customs duties on electronic transmissions.
The statement also said that the US and India have also agreed to negotiate rules of origin to ensure that the agreed benefits accrue most to the US and India.
The White House said the US and India will significantly increase mutual trade in technology products and enhance shared technology cooperation.
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