US-India announce interim trade framework — White House

US-India announce interim trade framework — White House

The White House said the US and India agreed on a framework for an interim trade arrangement, with further talks planned toward a broader bilateral trade deal.

Under the framework, India would eliminate or reduce tariffs on a range of US industrial and agricultural products. The US would apply an 18% “reciprocal tariff” on certain Indian-origin goods, and — if the interim agreement is successfully concluded — lift the reciprocal tariff on a wider set of items listed in an annex.

The statement also said India intends to purchase $500 billion in US energy, aircraft-related items, technology products and other goods over the next five years.

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