Big diplomatic win for India as US revises fact sheet on trade deal with India; check what changed
US President Donald Trump recently unveiled a new trade arrangement with India following a phone conversation with Prime Minister Narendra Modi. Under the revised terms, Washington has lowered tariffs on Indian exports from 25 percent to 18 percent.
In a big diplomatic victory for New Delhi, the White House has revised its fact sheet issued after a trade deal between India and the United States. Earlier, pulses were mentioned in a list of American products on which it said India will eliminate or reduce tariffs. However, this product has now been removed.
The White House earlier stated that India would remove or lower tariffs on a range of US industrial goods and agricultural products, including dried distillers’ grains, red sorghum, tree nuts, fresh and processed fruit, certain pulses, soybean oil, wine, spirits, and other items. The fact sheet also suggested that India had committed to purchasing more American products, with plans to acquire over USD 500 billion of US energy, information and communication technology, agricultural goods, coal, and other products.
However, a revised version of the fact sheet, released on Tuesday, made some notable changes. References to “certain pulses” were removed, and the language regarding India’s purchases was softened from “committed” to “intends.”
"India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers' grains (DDGs), red sorghum, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products. India intends to buy more American products and purchase over $500 billion of US energy, information and communication technology, coal, and other products,” the updated document now states.
India-US trade deal
US President Donald Trump recently unveiled a new trade arrangement with India following a phone conversation with Prime Minister Narendra Modi. Under the revised terms, Washington has lowered tariffs on Indian exports from 25 percent to 18 percent. The announcement was accompanied by a joint statement from both nations detailing a new framework aimed at negotiating a more comprehensive trade agreement.
In addition, the United States lifted the extra 25 percent duty that had been imposed on India over its purchases of crude oil from Russia. Previously, in August last year, India faced a 25 percent reciprocal tariff on its exports to the US, along with an added penalty tied to its energy trade with Moscow. With the latest deal in place, the reciprocal tariff has been reduced and the additional penalty has been completely removed.
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