India has achieved a major victory in the global trade war. According to the research report of State Bank of India, after the new trade deal with the United States, the tariff rate on India has come down to 18%, while that on China remains at 37%. This will make Indian goods more competitive in the American market. Textile, leather and footwear sectors will get special benefits. The deal is reciprocal, in which the US will impose 18% tariffs on some Indian products, but remove duties on aircraft and auto parts. In return, India will reduce tariffs on American industrial and agricultural products. Besides, a target of purchasing 500 billion dollars in 5 years has also been set.
India-US Trade Deal: China behind 18% Tariff, Exports will get Mega Boost. Money Live | India-US Trade Deal: China backs down from 18% tariff, exports to get mega boost
