Overview

• President Trump confirmed that India has agreed to drop all tariffs on US goods, including pharmaceuticals, steel, and auto parts.
• The agreement follows months of negotiations and a 90-day tariff pause implemented by the US in April, setting most import rates at 10%, except for Chinese goods at 145%.
• India’s prior tariffs on these sectors ranged from 12% to 25%, which Trump described as some of the highest in the world.
• US Treasury Secretary Scott Bessent stated that negotiations with 17 other major trading partners are ongoing, with additional trade deals expected soon.
• This move aligns with the Trump administration’s broader strategy of leveraging reciprocal tariffs to secure bilateral trade agreements.