India-US Trade Deal: Goyal Hails 'Friendship' but Leaves Key Questions Unanswered

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India's Commerce Minister Piyush Goyal expressed optimism about the India-US trade deal on Tuesday, describing it as a historic agreement that will benefit the country. However, his address raised more questions than answers, leaving key aspects of the deal unclear. Goyal's 20-minute speech was heavy on praise for the deal, which he claimed will provide huge opportunities for Indian industries, including textiles, plastics, and agriculture. He also hailed the 'friendship' between Prime Minister Narendra Modi and US President Donald Trump, suggesting that the deal is a testament to their strong relationship. Despite the minister's enthusiasm, several key questions remain unanswered. The deal's specifics, including the terms of the agreement and the duration of the tariffs, were not disclosed. Additionally, the Indian government has yet to release the joint statement, which is expected to provide more details about the deal. The US administration has confirmed that it has lowered reciprocal tariffs on Indian goods from 25% to 18%, effective immediately. However, controversy surrounds Trump's claim that India will take 'zero' tariffs on US products and will buy $500 billion worth of American goods. Opposition leaders have questioned the fairness of this arrangement, arguing that it creates an uneven playing field. Economic experts have noted that while the 18% tariff rate is higher than pre-Trump levels, it is still more favorable than the tariffs faced by regional peers like Indonesia and Bangladesh. Goyal has underlined this point, calling the deal 'the best in the region'. The deal also involves the agricultural sector, which supports nearly half of India's population and contributes 18% to the national GDP. Goyal declared that Prime Minister Modi has ensured the 'safety' of the farm sector, but details of the agreement remain unclear. The Indian government has yet to release the text of the deal, and Goyal made no attempt to address the questions raised by opposition leaders. The release of the joint statement is expected to provide more clarity on the deal's specifics, but for now, the agreement remains shrouded in mystery.