US-India Trade Deal: Why Trump Announced It First, Says Piyush Goyal
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Indian Commerce Minister Piyush Goyal explained on Tuesday why the US announced the India-US trade deal before it was officially confirmed in New Delhi. The reason behind this lies in the fact that the decision to roll back tariffs was initiated by the US. According to Goyal, the US had imposed reciprocal tariffs, and consequently, the announcement regarding the reduction came from US President Donald Trump. As part of the trade deal, the US will reduce tariffs on Indian goods from 25% to 18% effective immediately. Additionally, a 25% penalty tariff on Indian goods imposed due to the purchase of Russian oil has been removed. US President Trump stated that Prime Minister Modi had assured him that India would cease buying Russian oil. The deal, which was confirmed by PM Modi on Monday night, has sparked a political firestorm in New Delhi due to the lack of specific details from the government. However, the Indian government has confirmed that a joint statement on the trade deal will be released once a 'final understanding' is reached and technical processes are completed. The statement will provide further details on the agreement, including India's commitment to buying $500 billion worth of American goods and imposing 'zero' tariffs on US products.
