The United States and India moved closer to a trade pact on Friday, releasing an interim framework that would lower tariffs, reshape energy ties and deepen economic cooperation as both countries seek to realign global supply chains.<\/p>\n
The framework reaffirms a commitment to negotiations toward a broader bilateral trade agreement, the two governments said in a joint statement, while noting that further negotiations were needed to complete the pact.<\/p>\n
US President Donald Trump announced a deal with India on Monday to cut US tariffs on Indian goods to 18 per cent from 50pc in exchange for India halting purchases of Russian oil and lowering trade barriers.<\/p>\n
Half of the 50pc rate had been imposed separately by Trump as punishment for India\u2019s purchases of Russian oil, which he said were fuelling Moscow\u2019s war effort in Ukraine.<\/p>\n
Trump signed an executive order on Friday rescinding that 25pc portion after India agreed this week to shift its oil buying to the US and Venezuela.<\/p>\n
However, the statement indicated that New Delhi resisted Washington\u2019s push to broadly open its agricultural market.<\/p>\n
Trade Minister Piyush Goyal said in a social media post on X the agreement safeguards farmers interests and rural livelihoods by completely protecting sensitive agricultural and dairy products, including staples such as maize, wheat and rice, as well as soya, poultry, milk products, ethanol, tobacco and some vegetables and meat.<\/p>\n
India\u2019s opposition Congress party, however, said the trade deal was concluded largely on US terms and hurt farmers and traders, calling it a pact that compromised national interests.<\/p>\n
New details on tariff reduction
\nFriday\u2019s joint statement provides additional details compared with initial outlines of the trade deal revealed by Trump on Monday.<\/p>\n
It confirms that India will purchase $500 billion in US goods over a five-year period, including oil, gas, coking coal, aircraft and aircraft parts, precious metals, and technology products.<\/p>\n
The last category includes graphics processing units, typically used for AI applications, and other goods used in data centers.<\/p>\n
It said India would eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers\u2019 grains and red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits.<\/p>\n","protected":false},"excerpt":{"rendered":"
The United States and India moved closer to a trade pact on Friday, releasing an interim framework that would lower tariffs, reshape energy ties and deepen economic cooperation as both countries seek to realign global supply chains. The framework reaffirms a commitment to negotiations toward a broader bilateral trade agreement, the two governments said in […]<\/p>\n","protected":false},"author":1,"featured_media":15799,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/15798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15798"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/15798\/revisions"}],"predecessor-version":[{"id":15800,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/15798\/revisions\/15800"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/15799"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}