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TRADE NEWS

Tariffs Eased as US and India Strike Trade Reset Deal

The United States and India have reached an initial trade agreement announced on February 2, 2026, following a phone call between US President Donald Trump and Indian Prime Minister Narendra Modi. This deal de-escalates months of trade tensions, primarily by reducing US tariffs on Indian exports.

• US tariff reductions on Indian goods — Tariffs drop from an effective ~50% (a 25% reciprocal tariff plus a 25% punitive tariff tied to India's purchases of Russian oil) to 18%. The punitive 25% tariff is being rescinded, and the reciprocal rate is lowered from 25% to 18%. This applies to most Indian exports, providing relief to sectors like textiles, apparel, pharmaceuticals, chemicals, jewelry, footwear, and food items (e.g., shrimp). The change makes Indian goods more competitive compared to peers like Vietnam (20%) or Bangladesh (around 19–20%).

• Indian concessions — Trump stated that India agreed to halt or significantly reduce purchases of Russian oil (shifting toward US and potentially Venezuelan supplies), lower its tariffs and non-tariff barriers on US goods toward zero (particularly on industrial products, where average tariffs would fall from ~13.5% to near zero), and commit to large-scale purchases of US goods (e.g., energy, technology, agriculture, and coal), with claims of over $500 billion over time. However, Indian officials (including Modi) have not fully confirmed the oil halt, zero-tariff commitment, or the $500 billion figure in detail. Protections for India's sensitive agricultural sector (e.g., dairy) are expected to remain, and the $500 billion target is seen as ambitious given current US exports to India are around $40–50 billion annually.

Overall, the agreement marks a clear reset in US–India trade relations, immediately lowering costs for Indian exporters and easing months of tariff pressure — but with many of the bold US claims still awaiting confirmation. The real impact will depend on how quickly concessions are implemented and whether broader tariff cuts actually materialise beyond this initial truce.

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