Goyal: No Ethanol, Tobacco in US Trade Deal; India Sets Firm Red Lines

• Commerce Minister Piyush Goyal confirms ethanol and tobacco are excluded from India's interim trade agreement with the US.
• India has drawn firm red lines, protecting agriculture, dairy, and sensitive crops from relaxations.
• Reciprocal tariffs under the interim deal will sharply decrease from 50% to 18%, benefiting Indian exports.
• Many Indian exports, including gems, diamonds, and generic pharma, will gain zero-duty access.
• The deal aims to boost bilateral trade to $500 billion, focusing on technology imports and phased tariff reductions on select US goods.