The Historic Trade Deal between US and India has finally been finalized, which has brought a big change in global trade dynamics. The US has reduced tariffs on India to 18% and the extra 25% penalty imposed on Russian oil purchases has also been removed, taking the total tariff earlier to 50%. In return, India will also move towards gradually reducing tariff and non-tariff barriers on US products to zero. India has promised to purchase more than $500 billion from the US in the coming time, which includes energy, coal, high-end tech, defense and textile sectors. Rising inflation and public pressure in the US are believed to be the main reasons behind Trump’s changed stance. There is also a strategic twist in the deal regarding purchase of oil from Russia. In comparison, India is now in a better position in export competitiveness in Asia. Strong rally has been seen in textile and auto stocks in the market.
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