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India is considering cutting tariffs on over 50% of its U.S. imports as part of an early-phase trade deal aimed at counteracting U.S. President Trump’s planned reciprocal tariffs, which could affect $66 billion worth of Indian exports. The trade negotiations are focused on lowering tariffs for U.S. goods imported to India, particularly in sectors like pharmaceuticals and automobiles. While the Indian government is open to substantial tariff reductions, the final decision depends on securing relief from reciprocal taxes imposed by the U.S.
India’s internal analysis estimates that Trump’s global tariffs, set to take effect on April 2, could severely impact 87% of India’s exports to the U.S. To mitigate this, India is ready to reduce tariffs on imports ranging from 5% to 30%, with the possibility of complete tariff eliminations on goods worth $23 billion. While the negotiations are ongoing, certain sectors like agricultural goods (meat, maize, wheat) remain excluded from potential tariff reductions.
The final tariff cuts hinge on a deal to resolve the tariff standoff with the U.S., with New Delhi aiming to strike an agreement before the reciprocal tariffs come into play.
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