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Trump's tariff cut sparks relief in India despite scant details
Trump announced a trade deal with India on Feb. 1 to cut tariffs to 18 percent from 50 percent in exchange for New Delhi halting Russian oil purchases and lowering trade barriers.
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Reuters - Tue, 03, Feb 2026
- 11:06 EST
- 73
A man reads the latest edition of The Times of India newspaper, with the story on U.S. tariffs on Indian imports slashed to 18%, in New Delhi, India, February 3, 2026. / REUTERS/Bhawika Chhabra
U.S. President Donald Trump's move to slash tariffs on Indian imports sparked a relief rally across the Asian country's markets on Feb. 2, lifting sentiment among exporters and policymakers even as details of the agreement remained scant.
Trump announced a trade deal with India on Feb. 1 to cut tariffs to 18 percent from 50 percent in exchange for New Delhi halting Russian oil purchases and lowering trade barriers.
Also Read: U.S. cuts tariffs on India to 18 percent, India agrees to end Russian oil purchases
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