India, US move closer to trade pact with interim agreement

NEW DELHI: India and the US released a framework for an interim trade agreement, as President Donald Trump on Saturday removed additional tariffs on Indian imports previously levied over Delhi’s purchase of Russian oil. Under the proposed agreement, Washington’s reciprocal tariffs on Indian goods will be set at 18 percent, while India will eliminate or reduce tariffs on all US industrial goods as well as a wide range of US food and agricultural products, according to a joint statement.

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