India now faces the lowest US tariffs among all EMs after S Korea – CNBC TV18

After practically six months of a standoff, India and the US appear to have reached a truce in the tariff negotiations. President Donald Trump introduced that the import tariffs on Indian items can be lower to 18%.

Earlier than the newest resolution, India confronted a 50% tariff, which included a 25% penalty for getting Russian oil.  It was the highest tariff that the US had imposed wherever in the world.

Nonetheless, in a single stroke, the US tariffs on Indian imports is right down to the lowest among all main rising markets.

There last tariff shall be 18% as India continues to wean off Russian oil purchases, US ambassador to South Asia, Sergio Gor, mentioned whereas chatting with a media outlet.

The markets will anticipate extra particulars on the settlement to this point. As an example, it is not clear if India has agreed to a few of the sticky points like Trump’s demand for entry of American gamers in India’s agriculture and  dairy markets, one thing that the US President alluded to in his publish asserting the newest pact.

On the different hand, any point out of the sectoral particulars of the settlement have been conspicuously in the celebratory publish from the Indian Prime Minister.

Learn extra: India-US commerce deal LIVE: Trump-Modi verify pact, tariffs to come back down instantly; GIFT NIFTY surges