India May Cut Duty on 55% of Its US Imports

India is open to cutting tariffs on more than half of US imports, worth $23 billion, in the first phase of a trade deal the two nations are negotiating, two government sources said.

- REUTERS

India is open to cutting tariffs on more than half of US imports, worth $23 billion, in the first phase of a trade deal the two nations are negotiating, two government sources said. This could be the biggest cut in years, aimed at fending off reciprocal tariffs.

US President Donald Trump's reciprocal worldwide tariffs are set to take effect from April 2, a threat that has disrupted markets and sent policymakers scrambling, even among the US' Western allies.

In an internal analysis, the government estimated such reciprocal tariffs would hit 87 per cent of its total exports to the United States worth $66 billion, two government sources with knowledge of the matter told Reuters.