Goods to get cheaper post India-US trade deal, check the list of items here
Mumbai (The Uttam Hindu): An agreement between India and the United States to reduce reciprocal tariffs could lead to cheaper prices for a wide range of goods in the country, from technology-related products to some agricultural products.
According to reports, the deal could reduce the prices of tech hardware and parts, such as laptops, mobile gadgets, and consumer electronics. Processed foods, packaged goods, and household appliances could also become cheaper due to lower import costs.
Import duties on agricultural products such as pulses, dairy products, and processed foods may be reduced, which could help alleviate some of the pressure from rising food inflation. However, official details of the full terms of the deal are yet to be released from the government.
The India-US trade deal could reshape the way trade is conducted between the world's two largest democracies. India's textile and ready-made garment sectors could benefit from tariff reductions.
The gems and jewelry sector, a major export sector for India, could benefit from this trade deal. Industrial and engineering goods, such as steel and chemicals, could also gain easier market access. However, experts say that some products, such as steel, aluminum, and copper, could still face duties of up to 50 percent.
According to analysts, higher tariffs may remain on some automobile parts even after the new trade deal.
The trade deal between India and the United States was reached following a phone conversation between Prime Minister Narendra Modi and US President Donald Trump. Under the deal, the US reduced tariffs on Indian goods to 18 percent, and India also reduced trade barriers on American products.
According to reports, the agreement also includes India reducing its oil purchases from Russia and increasing oil imports from the US and possibly Venezuela.
Prime Minister Narendra Modi wrote on the social media platform X, "It was great to speak with my dear friend President Trump today. Happy to learn that the tariff on 'Made in India' products has now been reduced to 18 percent. On behalf of the 1.4 billion people of India, thank you President Trump for this wonderful announcement."