What benefits will India get from the new US trade deal?

--- ## What benefits will India get from the new US trade deal US President Donald Trump has said that a new trade deal has been agreed between the US and India. Under this deal, the US tariff on Indian goods will be reduced from the current 50 percent to 18 percent. In return, India will stop importing oil from Russia and has agreed to reduce trade barriers with the US. After a phone call with Indian Prime Minister Narendra Modi, Trump announced the deal on social media. He said that India will now buy oil from the US and potentially Venezuela. In response, Prime Minister Narendra Modi said that he was happy to talk to President Trump. Welcoming the announcement of reducing tariffs on Indian goods to 18 percent, Modi said that he thanked Trump on behalf of India's 1.4 billion people. Modi also said that when the two largest economies and the world's largest democracy work together, it benefits the people and creates new opportunities for cooperation. If the deal goes into effect, India will be among the countries on which the Trump administration has imposed relatively low tariffs. India's tariff rate will be lower than that currently imposed on countries such as China, Pakistan, Indonesia, Bangladesh and Vietnam. However, in India's case, the US tariff rate will be slightly higher than that of the European Union, Japan and South Korea. The countries currently facing the highest tariffs by the US include Brazil (50 percent), Myanmar (40 percent), Laos (40 percent), China (37 percent) and South Africa (30 percent). Countries with high tariffs in Southeast Asia include Vietnam and Bangladesh (20 percent), Pakistan, Malaysia, Cambodia and Thailand (19 percent). On the other hand, the US has the lowest tariff agreements with the UK (10 percent), the European Union, Switzerland, Japan and South Korea. According to the news agency Reuters, the US is going to withdraw the additional 25 percent punitive tariff imposed on India for buying oil from Russia. The tariffs were added to previous reciprocal tariffs. Trump also claimed that India has promised to buy more than $500 billion worth of energy, coal, technology, agriculture and other goods from the United States. At the same time, he also mentioned that India will gradually work to reduce tariffs and non-tariff barriers on American goods to zero. According to the World Trade Organization (WTO), India was one of the countries that imposed the highest tariffs in the world until Trump returned to power. However, Trump's message on social media did not mention the effective date of the tariff reduction, the period for stopping Russian oil imports, or which American products India would buy. Meanwhile, neither India nor the United States has yet released the full terms of the agreement or official details on when it will take effect. Similarly, there has been no comment from Russia on India's decision to stop importing oil from Russia. It is worth noting that while previous US trade deals with other major Asian partners, including Japan and South Korea, have promised to invest hundreds of billions of dollars in US industry, the deal announced with India has not yet announced any specific investment plans. ---