India-U.S. trade deal LIVE updates: Pact will open $30 trillion market for Indian exporters, says Goyal

U.S. President Donald Trump and Prime Minister Narendra Modi embrace after giving a joint statement in New Delhi. File
| Photo Credit:
AP

India and the U.S. on Saturday (February 7, 2026) announced that they have reached a framework for an interim trade agreement under which tariffs on New Delhi will be reduced to 18%.

As per the agreement, India will eliminate or reduce tariffs on all U.S. industrial goods and a wide range of American food and agricultural products, including dried distillers’ grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.

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Subject to the successful conclusion of the interim agreement, tariffs will go down to zero on a wide range of goods, including generic pharmaceuticals, gems and diamonds, and aircraft parts, thereby further enhancing India’s export competitiveness and the Make in India campaign, according to the statement.

The two, it said, will promptly implement this framework and work towards finalising the Interim Agreement with a view to concluding a mutually beneficial BTA consistent with the roadmap agreed in the Terms of Reference.

(With Inputs from PTI)

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