India intends to significantly reduce or completely eliminate tariffs on more than half of its imports from the United States, affecting goods worth over $23 billion, Reuters reports. This move is seen as the largest tariff concession by New Delhi in recent years.
According to the publication, this decision is linked to upcoming tariffs imposed by Donald Trump’s administration as part of trade measures against countries with high tariff barriers. Starting April 2, new U.S. retaliatory global tariffs will take effect, which are estimated to impact 87% of Indian exports to the U.S., amounting to $66 billion.
The tariff reductions or eliminations will apply to the following categories of goods:
Industrial goods and equipment
Medical devices
Certain types of agricultural products
Chemical products and pharmaceuticals
The easing of tariffs is expected to help U.S. companies increase exports to India and strengthen trade relations between the two countries.
