Union Commerce Minister Piyush Goyal on Saturday (February 7) addressed the media to brief details of the India–US trade deal. Lauding the trade agreement between the two countries, Goyal said it is a very important day in India’s journey towards Viksit Bharat 2047, as the objective of the deal is to achieve USD 500 billion in annual bilateral trade.

“Under the leadership of Prime Minister Narendra Modi, discussions on a bilateral trade agreement were initiated in February 2025 by President Donald Trump and Prime Minister Narendra Modi, keeping the future in focus and strengthening ties and diplomacy between the two nations, guided by the friendship between the two leaders,” the Union Minister said.

Goyal highlighted that under the deal, the reciprocal tariff of 50 per cent that was earlier imposed by the US on Indian exports would now be reduced to just 18 per cent. He added that the tariffs imposed on India are lower than those on neighbouring countries and other nations with whom New Delhi competes.

“In the coming days, this will bring significant benefits to India and its exporters. In comparison, the US has imposed nearly 35 per cent duty on China, 20 per cent on Vietnam, 20 per cent on Bangladesh, and 19 per cent on Indonesia. India’s tariff is lower than all these competing countries,” the minister added