US May Lift 25% Tariff on Indian Goods, Boosting Exports and Trade Relations

• US Treasury Secretary Scott Bassant indicated the potential withdrawal of a 25% import tariff on Indian goods.
• The tariff was imposed by the Trump administration in 2022 due to India's discounted oil purchases from Russia after the Russia-Ukraine war.
• Bassant stated the tariff's purpose has been fulfilled, leading to reduced Indian oil purchases from Russia.
• Removal of the tariff would make Indian pharmaceuticals, textiles, steel, and engineering goods cheaper in the US market, boosting exports.
• This move could pave the way for a long-awaited India-US trade agreement and benefit sectors like IT, auto parts, and electronics.

Why It Matters: US likely to remove 25% tariff on Indian goods, signaling improved trade ties and export growth for India.