FX.co ★ India, U.S. Near Deal to Reduce Tariffs

India and the United States are nearing the conclusion of a long-pending trade agreement that would reduce U.S. tariffs on Indian imports from 50% to approximately 15-16%, as reported by India's Mint. This proposed deal primarily focuses on the sectors of energy and agriculture, with India potentially decreasing its imports of Russian crude oil over time. U.S. President Donald Trump recently communicated with Indian Prime Minister Narendra Modi, discussing trade matters and emphasizing that "energy was also part of our discussion." Prime Minister Modi reportedly assured President Trump that India would curtail its purchases of Russian oil. Additionally, India may increase its importation of non-GMO U.S. corn and soymeal. The agreement could introduce a framework for regular reviews of tariffs and market access. According to local media, the finalization of this deal is anticipated to occur at the upcoming ASEAN Summit this month.