The recent decision of the US Supreme Court has created a huge twist in the global markets. The court declared the global tariffs imposed by Donald Trump illegal, which initially brought some relief to trade tensions. But soon after that Trump signed a new 10% global tariff on all countries, due to which uncertainty still remains high. Now if the restrictions are reduced, then the products can become more competitive in the US market for Indian exporters, which can increase the chances of profits and growth.

The new trade deal between India and the United States could be operational from April 2026, as Commerce Minister Piyush Goyal has hinted. India-US bilateral trade is already above $190 billion and a target of $500 billion has been set by 2030. After the new agreement, the tariffs imposed by the US on Indian exports may be reduced from 50% to 18%, which will give a huge competitive advantage to exporters. India exports about $75–80 billion to the US every year, which can increase further. Farmers, fishermen and MSMEs can get special benefits from this deal. Know what long-term impact this trade agreement will have on India’s economy.

US Treasury Secretary Scott Bessant has given a soft signal regarding India. He said that the 25% tariff imposed on India, which was imposed due to increase in Russian oil imports, can be removed in future. According to Bessent, the tariff is still active, but India has reduced the import of Russian crude to a great extent. The Trump administration had imposed this tariff after the Ukraine war to prevent India from buying cheap Russian oil. Bessant claims that after this Russian oil buying by Indian refineries almost collapsed and the policy succeeded in its goal. Before the war, Russia’s share in India’s oil imports was only 2–3%, which reached high teens due to discounts. After US pressure, India increased sourcing from Middle East, Africa and Latin America. He also mentioned the hypocrisy of Europe, which speaks out against Russia but buys refined fuel.

The trade deal between India and America has reached the final stage and negotiations are still going on in active mode. According to Commerce Secretary Rajesh Agrawal, both the countries are continuing talks through virtual meetings and the talks have never stopped. Despite US’s 50% tariff, India’s exports have not been much affected, especially in the electronics and pharma sectors. There is definitely pressure on sectors like textile and leather, but companies are exploring new markets. Besides, good progress has also been made on India-EU FTA, in which 20 out of 24 chapters have been finalized.