Indian exporters on Tuesday hailed Donald Trump’s announcement of a US-India trade deal and a pledge to slash tariffs on the nation’s goods that brings an end to months of uncertainty but analysts urged caution citing a lack of clarity.
The US president said that the agreement came together after Prime Minister Narendra Modi promised to stop buying Russian oil over the war in Ukraine, adding that he would lower levies to 18 percent from the 25 percent imposed last year.
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He also said New Delhi had agreed to purchase more than $500 billion worth of US energy, technology, agricultural, coal and other goods. An extra 25 percent toll imposed over India’s Russian oil purchases was also removed, a White House official told AFP.
While Washington had struck deals with most governments since he unveiled sweeping tariffs in April last year, Indian officials had struggled to follow suit.
