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New Delhi, Feb 2 (PTI) India and the US agreed to a trade deal under which Washington will bring down reciprocal tariff on Indian goods to 18 per cent from current 25 per cent, US President Donald Trump said on Monday after a phone conversation with Prime Minister Narendra Modi.
Trump claimed India will move forward to reduce "tariffs and non tariff barriers" against the US to zero.
There is no immediate reaction from India.
"Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a trade deal between the United States and India, whereby the United States will charge a reduced reciprocal tariff, lowering it from 25 per cent to 18 per cent," the US president said on social media.
India will "likewise move forward to reduce their tariffs and non tariff barriers against the United States, to zero", he said.
Trump said Modi also committed to "buy American" at a much higher level, in addition to over USD 500 billion dollars of US energy, technology, agricultural, coal, and many other products.
"Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that get things done something that cannot be said for most," he said. PTI MPB KVK KVK
US-India trade deal: US cuts reciprocal tariff to 18%; India to remove tariffs and non-tariff barriers and boost US purchases. The United States will reduce its reciprocal tariff on Indian goods from 25% to 18% effective immediately, while India is reported to commit to eliminate tariffs and non tariff barriers against US goods and to increase purchases of US energy, technology, agricultural and other products, described as over USD 500 billion, with an explicit procurement pledge to 'buy American.'Press 'Enter' after typing page number.