India-US Trade Deal Boosts Exports, Challenges China with Lower Tariffs

• Union Minister Piyush Goyal announced a new trade deal with the US, reducing tariffs on Indian goods to 18%.
• This move gives India a significant advantage over China, which faces up to 35% tariffs in the US market.
• The agreement removes the previous additional 25% duty, bringing total tariffs down from up to 50% on some Indian products.
• Piyush Goyal stated the deal protects Indian farmers and domestic stakeholders, despite its concise nature.
• The minister highlighted India's strong economic position, aiming for a 30-35 trillion dollar economy by 2047, fostering new job opportunities and development.