US and India unveil interim trade framework, move closer to broad pact
Summary
The United States and India released an interim trade framework to lower tariffs, reshape energy ties, and deepen economic cooperation as they move closer to a broad bilateral trade pact.
Key Points
- The US and India unveiled an interim trade framework aiming to lower tariffs and deepen economic cooperation.
- India agreed to purchase $500 billion in US goods over five years, including oil, gas, aircraft parts, and technology products.
- The US will maintain an 18% tariff on most imports from India, while India will reduce or eliminate tariffs on many US industrial and agricultural products.
- Both nations will negotiate further on bilateral trade details and address non-tariff barriers, with strategic concerns about China influencing talks.
