India and US Near Agreement on Trade Deal with Tariff Reductions, Joint Statement Expected

India and the United States have agreed on a bilateral trade deal that will reduce US tariffs on Indian goods from 50 to 18 percent, with India committing to lower tariffs on nearly all US industrial products while protecting sensitive sectors like agriculture and dairy. The deal includes India ceasing purchases of Russian oil and aims to boost bilateral trade to $500 billion by 2030. A joint statement is expected within days, with the formal agreement targeted for signing by mid-March, following extensive negotiations and diplomatic efforts.