India-US trade deal LIVE: RBI keeps repo rate unchanged; Guv Malhotra says agreement to ‘support export momentum’

India-US trade deal LIVE: US President Donald Trump on Monday said that India and the United States have reached a trade agreement. Prime Minister Narendra Modi welcomed the development, saying he was pleased that tariffs on “Made in India” goods would be lowered to 18 percent. Previously, the US had imposed tariffs of up to 50 percent on Indian products, including a 25 percent levy linked to India’s purchase of Russian oil.

“Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” PM Modi said in a post on X on Monday.

Earlier on Tuesday, Commerce and Industry Minister Piyush Goyal said the India–US Trade Agreement offers significant opportunities for the country and is the most favourable deal India has secured compared to its neighbours.

Speaking at a press conference a day after the agreement was announced, Goyal said India’s interests had been given top priority.

“We all know that the Prime Minister, leveraging his friendly relationship and close ties with President Trump, has finalised a trade deal with the United States of America that is the best deal India has received compared to all our neighbours, all the surrounding countries, and all the countries that compete with us. This is a great deal for all of us,” he said, according to ANI.

The agreement with the United States follows closely on the heels of India’s landmark trade pact with the European Union, signed just a week earlier.