U.S. President Donald Trump’s decision to slash tariffs on Indian goods to 18 per cent from 50 per cent has sparked relief and a market rally in India, even though both governments have released few formal details of the new trade deal.
Trump announced on social media that Washington had agreed the cut in exchange for New Delhi halting imports of Russian oil and lowering trade barriers to U.S. products. India has so far not issued a detailed joint statement, but officials say the country has committed to buying more American petroleum, defence equipment and aircraft and to partially opening its protected agriculture sector and cutting tariffs on imported cars.
The U.S. president said India’s purchases of American goods would rise to over 500 billion dollars across energy, coal, technology, farm and other products, without specifying a timeframe. India’s exports to the U.S. jumped 15.9 per cent year on year to 85.5 billion dollars between January and November, against imports of 46.08 billion dollars over the same period.
Economists and exporters say the tariff cut will boost India’s price competitiveness versus Asian peers, where effective U.S. tariffs stand at about 19 per cent for Indonesia and 20 per cent for Vietnam and Bangladesh. Sectors expected to benefit include gems and jewellery, leather, plastics, ceramics, auto components and non‑tech foreign investment.
The announcement lifted Indian asset prices, with the Nifty 50 index rising nearly 3 per cent and the rupee gaining over 1 per cent to 90.40 per dollar in early Tuesday trading. Economic Affairs Secretary Anuradha Thakur said the deal has reduced “a great deal” of global uncertainty around India–U.S. trade.
Analysts and ratings agencies cautioned that India will need time to unwind contracts for discounted Russian crude. Refiners have not yet been ordered to stop purchases, and the Kremlin said it had received no official notice from New Delhi about halting imports. Moody’s warned that an abrupt cutoff of Russian oil could disrupt India’s growth and push inflation higher, given its heavy dependence on imported fuel.
Under the agreement, Washington also expects greater access for U.S. farm exports into India’s vast market, U.S. Agriculture Secretary Brooke Rollins said, although sensitive farm and dairy items have often been shielded in India’s past trade deals. Exporters say much will depend on how fast both sides clarify the fine print, timelines and enforcement of India’s pledges on Russian oil and market opening.
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