The US and India said they had reached a framework for an interim trade agreement, ending a months-long impasse between Narendra Modi’s government and Donald Trump’s administration.
The confirmation of the agreement came days after Trump spoke to Modi and said India had agreed to stop buying Russian oil, which had prompted his administration to impose a 50 per cent tariff on imports from India.
India will open its market to imports of most US industrial goods and some food products. Indian exports to the US will face an 18 per cent “reciprocal” tariff, according to a joint statement published by New Delhi early on Saturday that sets out more details of the agreement.
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