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The India-U.S. trade deal is a significant breakthrough, but is laced with terms that can cause friction between the two nations.
WASHINGTON/NEW DELHI, Feb 2 (Reuters) - U.S. President Donald Trump on Monday announced a trade deal with India that slashes U.S. tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers.
Officials and business leaders welcomed lower tariffs, but India has not yet confirmed that it would stop buying Russian oil, which President Trump said Prime Minister Narendra Modi had agreed to.
Analysts said back-to-back trade deals with the U.S. and EU could lift pharma, manufacturing and IT stocks.
The United States and India finalized a trade agreement Monday, helping stabilize a relationship that had been in decline during Trump’s second term.
People around the world are calling this the mother of all deals,” Indian Prime Minister Narendra Modi said of the agreement, which represents a quarter of the world’s economy.
India's aviation regulator said the right wingtips of both aircraft touched each other.
The U.S. and India have finalized a trade deal on Monday after months of negotiations, steadying a relationship that had plummeted to its lowest point in decades.