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India and the United States (US) are finalizing a trade agreement that could slash tariffs on Indian exports to the US to around 15-16%, according to India’s Mint report.
The potential deal, which has been under discussion for years, is gaining momentum as both countries seek to deepen economic ties.
Key sticking points, particularly in energy and agriculture, are reportedly being addressed to reach a mutually beneficial compromise.
India-US Tariffs Deal
India’s reduction of Russian oil imports is seen as a critical condition by the US, which has imposed punitive tariffs of up to 25% on Indian exports tied to the energy trade.
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In exchange, Washington is expected to offer concessions, including enhanced access for American energy products to the Indian market.
India may also open its doors wider to non-genetically modified American corn and soymeal, boosting US agricultural exports.
The duty on non-GM corn imports is set to remain at 15%.
Though the trade talks appear close to completion, certain sensitive issues remain unresolved.
Review Tariffs and Market Access Periodically
Tariff reductions for US dairy products, including high-end cheeses, have yet to be finalized, and India is pushing for a mechanism in the agreement to review tariffs and market access periodically to reflect changing market realities.
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The talks are reportedly progressing with hopes of an announcement at the upcoming ASEAN Summit, where Prime Minister Narendra Modi and US President Donald Trump may meet.
Bilateral trade between the two nations reached $71.41 billion in the first half of fiscal year 2026, marking an 11.8% increase from the previous year.
Indian exports to the US grew 13.4%, showing the importance of a trade deal to ease existing tariff barriers.
The deal shows geopolitical shifts, including China’s reduced imports of US corn amid rising trade tensions.
The US is aggressively seeking new buyers, with India poised as a crucial partner.
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