FX.co ★ India, U.S. Close to First Phase of Tariff-Easing Trade Deal

India and the United States are approaching a significant milestone with the anticipated announcement of the initial phase of a trade agreement designed to settle existing tariff conflicts, as stated by Commerce Secretary Rajesh Agrawal. This agreement aims to tackle the 25% reciprocal tariff, alongside an extra 25% punitive tariff that was introduced by the Trump administration in reaction to India's economic engagements with Russia. President Trump recently remarked that the U.S. is "pretty close" to finalizing a "fair trade deal" with India, hinting at potential reductions in tariffs on Indian products "at some point."