The United States is close to finalizing an agreement to reduce tariffs on Indian imports to around 15–16 percent, according to a report by Indian news outlet Mint on Wednesday (October 22), cited by Reuters.
Reuters said it reached out to India’s Ministry of Commerce and Industry as well as the White House for confirmation, but neither side provided an immediate response. The deal, centered largely on energy and agriculture, is expected to influence India’s trade dynamics — potentially prompting New Delhi to scale back its imports of Russian crude oil.
US President Donald Trump said on Tuesday that he had spoken with Indian Prime Minister Narendra Modi, with trade dominating their discussions. Energy issues were also discussed, and Modi reportedly assured Trump that India would gradually reduce oil purchases from Russia.
Citing sources, Mint further reported that under the prospective deal, India may increase imports of non-genetically modified (non-GMO) US corn and soymeal. The agreement may also include mechanisms for periodic tariff reviews and market access assessments.
If finalized, the bilateral trade deal could be officially announced later this month during the ASEAN Summit.
