Explainer | India–US Trade Deal Done: Tariffs Slashed, Oil & Farm Issues Still Unclear?

The much-awaited India–US trade deal has been announced, with President Trump and Prime Minister Modi confirming it through social media posts. Under the deal, US tariffs on Indian goods fall from 50% to 18%, while India is expected to lower tariffs on key US exports. Questions remain over oil imports, with Trump claiming India will stop buying Russian crude, even as Indian sources say purchases will depend on market rates and sanctions. Agriculture remains the most sensitive area, with no compromise on farmers’ interests. From MSMEs and pharma to electronics and IT, the deal could reshape India’s trade future—though the fine print is still awaited.