[Breaking News] India and US negotiating 15% tariff imminent

MKTNews com
India US Near Trade Pact to Slash Tariffs on India
Exports from 50% to 15-16%
Oct 22 09:14:06
Wednesday
India and the United States are close to finalizing a trade
agreement that would lower tariffs on Indian exports from about
50% to around 15-16%
A central focus of the
negotiation is
energy: Washington is urging New Delhi to scale back oil imports
from Russia
currently accounting for roughly one-third of India’s
supply
and to increase purchases from the US
The deal may also ease restrictions on India’s imports of US corn
and soymeal, long-standing points of contention. With China
reducingits purchases of Arnerican corn Washington views India
as an emerging mnarket opportunity though concerns persistin
India that such imports could pressure domestic farmers.
The proposed agreement still requires political approval, as
energy and agriculture remain sensitive sectors for both
countries
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India US, Tariff 509
>
A trade agreement is expected to be concluded, including a 15-16% cut.
Gourd
1. India and the United States cut tariffs on Indian exports by 15-16% from approximately 5,096.
The final trade agreement to be lowered to .
2. The core of the negotiations is the energy sector; US supplies Russian crude oil to India
Demands to reduce imports and increase purchases of American crude oil.
3. In addition, restrictions on imports of US corn and soybean meal are scheduled to be eased in March.
This is a long-standing issue of conflict in the agricultural sector.
4. As China reduces its imports of American corn, India becomes a new substitute.
It is attracting attention in the market.
5. However, the energy and agriculture sectors are politically sensitive in both countries, so the final
Additional coordination is required until approval.
Key takeaway: India and the U.S. reduce Russian crude oil and reduce tariffs
As Korea-Korea trade agreement targets approach, economic cooperation between the two countries is expected to expand.
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