India-US trade deal live updates: Interim framework announced; reciprocal tariffs cut to 18%

INdia-US merchandise trade unrecorded updates: The United States and bharat feature finalised a framework for an “interim agreement” on reciprocal and mutually beneficial trade, the White House announced late night on Saturday, February 6. The framework marks a formal breakthrough after nearly a year of negotiations between the two countries. Union commerce and industry minister Piyush Goyal shared the joint statement on social media, underlining the scale of market access the newly reached framework could unlock. He said that under the leadership of Prime Minister Narendra Modi, India had reached a framework for an interim agreement with the US that would “open a $30 trillion market for Indian exporters.”Highlighting the beneficiaries, Goyal said the deal would particularly help MSMEs, farmers and fishermen, while adding that increased exports would create “lakhs of new job opportunities for our women and youth.”The announcement comes days after US President Donald Trump said on Monday that Washington and New Delhi had reached a trade deal, a claim later confirmed by Prime Minister Narendra Modi. PM Modi had stated that under the agreement, reciprocal tariffs on Indian exports to the US would be reduced to 18%.Trump removes 25% penalty tariff, claims India to stop Russian oil importsAt the same time, President Trump signed an executive order announcing the removal of a 25% tariff on India. The executive order signed by Trump reiterates his claim that India has “committed” to stop importing oil from the Russian Federation “directly or indirectly.” It further states that India has committed to purchasing energy products from the United States.Trump had earlier used a Truth Social post to claim that India would stop purchasing Russian oil, describing it as a key element of the agreement. That assertion, however, did not feature in PM Modi’s post on X, which was released shortly after Trump’s announcement.Earlier, When ministry of external affairs spokesperson Randhir Jaiswal was asked about Trump's claim over Russian oil imports, he stressed that ensuring the energy security of 1.4 billion Indians remains government's “supreme priority”.He said India’s approach is centred on diversification, adding, “Diversifying energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy to ensure this. All of India’s decisions are taken and will be taken with this in mind.”