Story perspectives

U.S.-India Tariffs Slashed to 18%, Aim $500B Trade

4/24/2026

Summary

Greer Pushes Exports

U.S. Trade Representative Jamieson Greer told a Ways and Means Committee hearing that India is a tough market and proposed distillers dried grains as a potential export focus.
The February 2 framework lowered U.S. tariffs on Indian goods to 18 percent, down from 50 percent.
Both sides aim to reach USD 500 billion in bilateral trade by 2030 after the February 20 Supreme Court decision voided President Donald Trump’s reciprocal tariffs.

Summary

India Questions

Indian opposition parties questioned the trade deal after President Donald Trump announced a 10% duty on imports, including India.
Trade analysts warned June's Section 301 tariff revisions could reshape duties on Indian sectors and market-access talks.
Senior commerce ministry official Darpan Jain led a three-day Washington visit, returning to New Delhi by early Friday.
Analysts noted the $500 billion 2030 target would more than double the 2024 $212 billion volume.

History

Historical Context

In 1991, India initiated economic liberalization, opening its markets and attracting U.S. investment, which surged from $11 million to $344.4 million by 2004. By 2021-22, bilateral trade reached $119.42 billion. However, tensions escalated in 2025 when President Trump imposed a 50% tariff on Indian goods, prompting negotiations to achieve a $500 billion trade target by 2030, reflecting a significant shift in U.S.-India economic relations.

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Greer Pushes Exports

U.S. Trade Representative Jamieson Greer told a Ways and Means Committee hearing that India is a tough market and proposed distillers dried grains as a potential export focus.
The February 2 framework lowered U.S. tariffs on Indian goods to 18 percent, down from 50 percent.
Both sides aim to reach USD 500 billion in bilateral trade by 2030 after the February 20 Supreme Court decision voided President Donald Trump’s reciprocal tariffs.

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