New Delhi, Feb 3 || With the new trade deal with the US in place, India is now among the nations with one of the lowest tariff rates being imposed by the Donald Trump administration compared with other Asian economies such as China, Pakistan, Indonesia, Bangladesh, and Vietnam.
The US tariff on Indian goods comes close to those being levied on America’s closest allies, which include the United Kingdom (10 per cent), the European Union (15 per cent), Switzerland (15 per cent), Japan (15 per cent), and South Korea (15 per cent).
Some of the countries facing the highest tariffs from the US include Brazil (50 per cent), Myanmar (40 per cent), Laos (40 per cent), China (37 per cent), and South Africa (30 per cent).
India and the United States have agreed to a trade deal under which Washington will slash its tariff on Indian goods to 18 per cent from the current 50 per cent in exchange for New Delhi halting Russian oil purchases and lowering trade barriers, US President Trump said. The American leader announced the deal on social media following a call with Indian Prime Minister Narendra Modi, noting that India would now buy oil from the US and potentially Venezuela.