India-US Trade Deal: Tariffs Slashed to 18%, India Now Lowest for US Among Emerging Markets

• US President Donald Trump announced a significant reduction in import duties on Indian goods from 50% to 18%.
• This makes India the country with the lowest tariffs for the US among major emerging markets, a substantial advantage.
• The previous 50% tariff included a 25% penalty due to India's crude oil purchases from Russia, which will now be waived.
• US Ambassador Sergio Gor clarified that the penalty waiver is contingent on India gradually reducing oil purchases from Russia.
• The market awaits official details on potential concessions by India, particularly regarding US access to agricultural and dairy sectors.

Why It Matters: US slashes tariffs on Indian goods to 18%, making India the most favored emerging market, pending policy details.