India refuses to budge

THE ELIMINATION OF the oil tariff takes effect from 12:01 am Washington time on February 7, while the reduction in reciprocal tariffs to 18% will follow shortly after a separate executive order.

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Commerce and Industry Minister Piyush Goyal said the relief on oil duties would be immediate, while the reciprocal tariff cut may take a few more days to be notified.“The 25% oil duties will be reduced immediately as the executive order has come. The reciprocal duties will be brought down to 18% after a separate order,’ he added.

Prime Minister Narendra Modi on Saturday said the interim trade agreement with the US will strengthen 'Make in India’ by opening up new opportunities for farmers and entrepreneurs, and create jobs for women and youngsters. The PM also thanked US President Donald Trump for his personal commitment to robust ties between India and the US. "Great news for India and USA! We have agreed on a framework for an Interim Trade Agreement between our two great nations,’ Modi posted on X. He said this framework reflected the growing depth, trust and dynamism of the India-US partnership. "As India moves forward towards building a Viksit Bharat, we remain committed to building global partnerships that are future-oriented, empower our people and contribute to shared prosperity,'he said.