Trump confirms trade deal with India, tariffs slashed to 18%; Modi thanks him for ‘wonderful announcement’

US President Donald Trump announced a significant trade agreement with India, reducing the reciprocal tariff from 25% to 18%. This announcement came after a productive conversation with Indian Prime Minister Narendra Modi, who has been advocating for stronger economic ties between the two nations. The deal is expected to enhance bilateral trade and foster a more favorable environment for businesses on both sides. Prime Minister Modi expressed his gratitude, calling it a "wonderful announcement" that promises to bolster the economic partnership between the United States and India. The reduction in tariffs is anticipated to benefit various sectors, including technology, textiles, and agriculture, by lowering costs and encouraging increased trade volume. Analysts suggest this move could pave the way for further negotiations on other trade barriers. The trade deal marks a significant step in US-India relations, reflecting a shared commitment to economic collaboration. Both leaders have emphasized the importance of mutual growth and prosperity, aiming to leverage this agreement to create more jobs and opportunities. As global economic dynamics continue to evolve, this development underscores the strategic importance of the US-India partnership in the international trade landscape.

— Authored by Next24 Live