US may reduce tariffs on Indian imports to 15-16 pc as part of trade deal

The US may reduce tariffs on Indian imports from a steep 50% to 15-16% as part of its trade deal, according to a report. It further added that this is likely a result of India agreeing to reduce its reliance on Russian oil purchases. India and the United States are nearing a long-stalled trade agreement that hinges on energy and agriculture. The report claimed, citing sources, that as part of negotiations with Washington, India may allow increased imports of non-genetically modified US corn and soymeal in response to rising domestic demand from poultry feed, dairy inputs and ethanol industries. Talks are also advancing on permitting imports of non-GM soymeal for both human and livestock consumption. However, there is still no final clarity on tariff reductions for dairy products, including high-end cheese, even though it is a key demand from the US team, as per the report.

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