US and India near trade deal that could slash tariffs to 15-16% | investingLive
Mint reports:
India and the US are closing in on a long-pending trade deal that could slash the current tariffs for Indian exports to 15–16% from a punishing 50%, according to three people aware of the matter.
The report also says India may gradually reduce imports of Russian oil while allowing in some GMO corn and soymeal. The drop in Russian imports will not be announced but Trump said it was a precondition for a deal. The report says the broader contours of the agreement are in place.
Trump reported on talks with India in US trade but offered little in terms of a deal, which may be negotiated or concluded at the APEC Summit at the end of the month.
This news would be a big tailwind for India’s stock market and could lead to a breakout in the Nifty 50. It also may signal that the US is in dealmaking mode with many other deals likely to come in below 20%.
Nifty 50 weekly
h/t @newsquawk