India-U.S. trade deal updates: Sensitive sectors of agriculture and dairy have been excluded from the U.S. deal, says Commerce Minister Piyush Goyal
Kartavya Desk Staff
#### Key Updates • Piyush Goyal briefs on India-U.S. trade deal in New Delhi • Nifty jumps 4.8%, Sensex surges over 3,600 points • India-U.S. deal: Five unanswered questions #### How India and the U.S. reached a trade deal: A timeline Click below to know the chronology of developments that led to the announcement of the India–U.S. trade agreement: ### India-US trade talks timeline: Key moments that led to the deal India-US trade talks timeline: Track key negotiations, tariff shifts, energy commitments and milestones leading to the landmark bilateral deal • February 03, 2026 18:47 'PM completely surrendered to appease Trump': Congress slams government on India-U.S. trade deal The Congress demanded that the Modi Government should take Parliament into confidence on the details of both the EU and U.S. trade deals, while alleging that Prime Minister Narendra Modi has “completely surrendered to appease” U.S. President Donald Trump at the cost of India’s farmers.Congress general secretary in-charge communications Jairam Ramesh, pointing to Mr. Trump’s statement that the India-US trade deal was coming into effect immediately at Mr. Modi’s request, claimed that the “request was no doubt made to create diversionary headlines because his cowardice and capitulation to China had been exposed by Rahul Gandhi”.- PTI The Congress demanded that the Modi Government should take Parliament into confidence on the details of both the EU and U.S. trade deals, while alleging that Prime Minister Narendra Modi has “completely surrendered to appease” U.S. President Donald Trump at the cost of India’s farmers. Congress general secretary in-charge communications Jairam Ramesh, pointing to Mr. Trump’s statement that the India-US trade deal was coming into effect immediately at Mr. Modi’s request, claimed that the “request was no doubt made to create diversionary headlines because his cowardice and capitulation to China had been exposed by Rahul Gandhi”. • February 03, 2026 18:44 Modi Government succumbed to U.S. imperialism: Samyukt Kisan Morcha Trade deal to allow Indian markets to be flooded by highly subsidised U.S. agricultural products will devastate crores of small and middle farmers’ households in India. “Narendra Modi Government succumbed to U.S. imperialism,” says Samyukt Kisan Morcha in a statement.- The Hindu Bureau Trade deal to allow Indian markets to be flooded by highly subsidised U.S. agricultural products will devastate crores of small and middle farmers’ households in India. “Narendra Modi Government succumbed to U.S. imperialism,” says Samyukt Kisan Morcha in a statement. - The Hindu Bureau • February 03, 2026 18:40 India–U.S. Trade agreement represents a pivotal moment for the pharmaceutical sector: Pharmexcil Chairman Namit JoshiHighlighting the importance of the India-U.S. trade deal for Indian Pharma Industry, Chairman of Pharmexcil, Namit Joshi, said, “The India–U.S. Trade agreement represents a pivotal moment for the pharmaceutical sector, with key highlights including the reduction of tariffs on Indian goods exports. The reduction in reciprocal taxes is incrementally positive for Indian pharmaceutical companies, particularly those with significant exposure to the U.S. market, which accounts for 30–40% of the sector’s total revenue.”- The Hindu Bureau Highlighting the importance of the India-U.S. trade deal for Indian Pharma Industry, Chairman of Pharmexcil, Namit Joshi, said, “The India–U.S. Trade agreement represents a pivotal moment for the pharmaceutical sector, with key highlights including the reduction of tariffs on Indian goods exports. The reduction in reciprocal taxes is incrementally positive for Indian pharmaceutical companies, particularly those with significant exposure to the U.S. market, which accounts for 30–40% of the sector’s total revenue.” - The Hindu Bureau • February 03, 2026 18:32 The tariff shock acted as a catalyst for reforms: Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Group.Talking about the India-U.S. trade deal Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Group said, “While the imposition of a 50% U.S. tariff disrupted a wide swathe of Indian exports, its direct impact on the earnings of India’s listed corporates was limited. India’s tariff impacted parts of goods export exposure to the U.S. is skewed toward privately held MSMEs and low-margin manufacturing rather than large, listed firms.”He further said that, Consequently, the subsequent rollback in tariff rates is unlikely, by itself, to materially alter the earnings trajectory of Indian equities.- The Hindu Bureau Talking about the India-U.S. trade deal Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Group said, “While the imposition of a 50% U.S. tariff disrupted a wide swathe of Indian exports, its direct impact on the earnings of India’s listed corporates was limited. India’s tariff impacted parts of goods export exposure to the U.S. is skewed toward privately held MSMEs and low-margin manufacturing rather than large, listed firms.” He further said that, Consequently, the subsequent rollback in tariff rates is unlikely, by itself, to materially alter the earnings trajectory of Indian equities. - The Hindu Bureau • February 03, 2026 18:26 India-U.S. trade deal adds meaningful momentum to India’s growth ambitions: Anish ShahCommenting on the India-U.S. Trade Deal Anish Shah, Group CEO & Managing Director, Mahindra said that the India–U.S. trade deal, which marks a significant step forward in strengthening bilateral trade and investment ties. The immediate reduction in reciprocal tariffs on Indian exports from 50% to 18%, along with the commitment to progressively lower tariff and non-tariff barriers. He added, “Will boost growth momentum and improve the predictability businesses need to invest with confidence.”-The Hindu Bureau Commenting on the India-U.S. Trade Deal Anish Shah, Group CEO & Managing Director, Mahindra said that the India–U.S. trade deal, which marks a significant step forward in strengthening bilateral trade and investment ties. The immediate reduction in reciprocal tariffs on Indian exports from 50% to 18%, along with the commitment to progressively lower tariff and non-tariff barriers. He added, “Will boost growth momentum and improve the predictability businesses need to invest with confidence.” -The Hindu Bureau • February 03, 2026 18:21 Sanjiv Puri, Chairman & MD, ITC Ltd. on the India-US deal. Talking about the India-U.S. trade deal Sanjiv Puri, Chairman & MD, ITC Ltd. said that the historic India-U.S. deal spearheaded by the Hon’ble Prime Minister’s vision and laudable global statesmanship signals a new era of co-operation in trade and development between the world’s largest democracies. It will spur trade and manufacturing, enhance livelihood opportunities and enable India to take strong strides towards a Vikshit Bharat.He added, “ Coming on the back of the mega agreements between India and E.U., U.K., New Zealand, Oman and others, these strategic partnerships have been commendably led by the Hon’ble Commerce Minister, demonstrating India’s confidence and ascent in the global economic order as a partner of choice, substance and potential. These deals indeed mark a golden era for India enabling a deeper integration with global value chains.”- The Hindu Bureau Talking about the India-U.S. trade deal Sanjiv Puri, Chairman & MD, ITC Ltd. said that the historic India-U.S. deal spearheaded by the Hon’ble Prime Minister’s vision and laudable global statesmanship signals a new era of co-operation in trade and development between the world’s largest democracies. It will spur trade and manufacturing, enhance livelihood opportunities and enable India to take strong strides towards a Vikshit Bharat. He added, “ Coming on the back of the mega agreements between India and E.U., U.K., New Zealand, Oman and others, these strategic partnerships have been commendably led by the Hon’ble Commerce Minister, demonstrating India’s confidence and ascent in the global economic order as a partner of choice, substance and potential. These deals indeed mark a golden era for India enabling a deeper integration with global value chains.” - The Hindu Bureau • February 03, 2026 18:14 Trade deal with U.S. "decisive boost" for India's textiles sector: Giriraj Singh The India-U.S. trade deal marks a “decisive boost” for the country’s textiles sector, Union Minister Giriraj Singh said, asserting that lower tariffs will boost export competitiveness, unlock new opportunities and create quality jobs in labour-intensive sectors.In a post on X, Textiles Minister Singh stated, “Under the visionary leadership of Hon’ble PM @narendramodi ji, the India–U.S. trade deal marks a decisive boost for textiles, carpets, and leather. Lower tariffs will strengthen India’s competitiveness, unlock new export opportunities, support MSMEs and create quality jobs in labour-intensive sectors – accelerating India’s journey towards global leadership in textiles”. Notably, the U.S. is the largest export market for India’s textiles sector. The India-U.S. trade deal marks a “decisive boost” for the country’s textiles sector, Union Minister Giriraj Singh said, asserting that lower tariffs will boost export competitiveness, unlock new opportunities and create quality jobs in labour-intensive sectors. In a post on X, Textiles Minister Singh stated, “Under the visionary leadership of Hon’ble PM @narendramodi ji, the India–U.S. trade deal marks a decisive boost for textiles, carpets, and leather. Lower tariffs will strengthen India’s competitiveness, unlock new export opportunities, support MSMEs and create quality jobs in labour-intensive sectors – accelerating India’s journey towards global leadership in textiles”. Notably, the U.S. is the largest export market for India’s textiles sector. • February 03, 2026 18:12 India-US trade ties to boost input security for steel sector: Naveen Jindal The deeper collaboration between India and the U.S. will improve input security for the domestic steel sector, industry leader Naveen Jindal said.A stronger India-U.S. trade partnership can enhance competitiveness, exports and broader economic growth, Mr. Jindal, the President of Indian Steel Association (ISA) told PTI.The renewed momentum in India-U.S. trade engagement following the conversation between Prime Minister Narendra Modi and U.S. President Donald Trump is a positive signal for business confidence, he said.“In steel, US section 232 tariffs of up to 50% remain unchanged, indicating no immediate improvement in market access. However, deeper collaboration on coking [metallurgical] coal presents a tangible opportunity,” Mr. Jindal said.- PTI The deeper collaboration between India and the U.S. will improve input security for the domestic steel sector, industry leader Naveen Jindal said. A stronger India-U.S. trade partnership can enhance competitiveness, exports and broader economic growth, Mr. Jindal, the President of Indian Steel Association (ISA) told PTI. The renewed momentum in India-U.S. trade engagement following the conversation between Prime Minister Narendra Modi and U.S. President Donald Trump is a positive signal for business confidence, he said. “In steel, US section 232 tariffs of up to 50% remain unchanged, indicating no immediate improvement in market access. However, deeper collaboration on coking [metallurgical] coal presents a tangible opportunity,” Mr. Jindal said. • February 03, 2026 18:09 U.S. tariff reduction positive for labour-intensive sectors: Moody's Moody’s Ratings on Tuesday (February 3, 2026) said the reduction of the U.S. tariff rate on most Indian goods is credit positive for labour-intensive sectors such as gems, jewellery, textiles and apparel, which are the top export sectors.India and the U.S. have agreed to a trade deal under which Washington will bring down reciprocal tariffs on Indian goods to 18% from the current 25%, U.S. President Donald Trump said on Monday (February 2) after a phone conversation with Prime Minister Narendra Modi.U.S. tariff reduction positive for labour-intensive sectors: Moody'sMoody's reports U.S. tariff cuts boost India's labour-intensive sectors, enhancing export growth despite ongoing crude oil purchases from Russia. Moody’s Ratings on Tuesday (February 3, 2026) said the reduction of the U.S. tariff rate on most Indian goods is credit positive for labour-intensive sectors such as gems, jewellery, textiles and apparel, which are the top export sectors. India and the U.S. have agreed to a trade deal under which Washington will bring down reciprocal tariffs on Indian goods to 18% from the current 25%, U.S. President Donald Trump said on Monday (February 2) after a phone conversation with Prime Minister Narendra Modi. ### U.S. tariff reduction positive for labour-intensive sectors: Moody's Moody's reports U.S. tariff cuts boost India's labour-intensive sectors, enhancing export growth despite ongoing crude oil purchases from Russia. • February 03, 2026 17:51 Deal incrementally positive for Indian pharmaceutical companies: Pharmexcil Chairman Namit Joshi“The India–U.S. Trade agreement represents a pivotal moment for the pharmaceutical sector, with key highlights including the reduction of tariffs on Indian goods exports,” Pharmexcil’s Chairman Namit Joshi says.“The reduction in reciprocal taxes is incrementally positive for Indian pharmaceutical companies, particularly those with significant exposure to the U.S. market, which accounts for 30–40% of the sector’s total revenue,” he says.“This deal fosters greater market access for Indian generics and biosimilars, strengthening India’s position as the global leader in affordable medicines. By enhancing trade ties, streamlining regulatory processes, and ensuring supply chain resilience, this agreement will drive growth in India’s pharmaceutical exports, unlock new opportunities for innovation, and reinforce the country’s critical role in global healthcare,” Mr. Joshi says. “We extend our gratitude to Prime Minister Narendra Modi for his leadership and vision in securing this landmark deal,” Mr. Joshi says. “The India–U.S. Trade agreement represents a pivotal moment for the pharmaceutical sector, with key highlights including the reduction of tariffs on Indian goods exports,” Pharmexcil’s Chairman Namit Joshi says. “The reduction in reciprocal taxes is incrementally positive for Indian pharmaceutical companies, particularly those with significant exposure to the U.S. market, which accounts for 30–40% of the sector’s total revenue,” he says. “This deal fosters greater market access for Indian generics and biosimilars, strengthening India’s position as the global leader in affordable medicines. By enhancing trade ties, streamlining regulatory processes, and ensuring supply chain resilience, this agreement will drive growth in India’s pharmaceutical exports, unlock new opportunities for innovation, and reinforce the country’s critical role in global healthcare,” Mr. Joshi says. “We extend our gratitude to Prime Minister Narendra Modi for his leadership and vision in securing this landmark deal,” Mr. Joshi says. • February 03, 2026 17:36 Piyush Goyal briefs on India-U.S. trade deal in New Delhi • February 03, 2026 17:34 Trade deal that will enhance the future of a strong India: Commerce Minister Piyush GoyalOn the India-U.S. trade agreement, Union Minister of Commerce and Industry, Piyush Goyal, says, “The reciprocal tariff was set by the U.S., and they were the ones who had to reduce tariffs, so if they did reduce it to 18%, that news would obviously come from the U.S.”“The trade deal is in the final stages of detailing between the negotiating teams of both countries. Will be issuing a joint statement by both countries shortly, along with the details which we will be shortly inking between the U.S. and India. As soon as the final understanding of the deal is inked and the joint statement is finalised, technical processes are completed, and full details will be shared,” Mr. Goyal adds.“This is a deal that will protect the interests of every Indian and provide huge opportunities for all the people of India, and will protect the sensitive sectors, the interests of our agriculture sector, and our dairy sector. It will open up huge opportunities for our labour-intensive export sectors in textiles, apparel, plastics, home decor, leather and footwear, gems and jewellery, organic chemicals, rubber goods, machinery, and aircraft components,” Mr. Goyal says. On the India-U.S. trade agreement, Union Minister of Commerce and Industry, Piyush Goyal, says, “The reciprocal tariff was set by the U.S., and they were the ones who had to reduce tariffs, so if they did reduce it to 18%, that news would obviously come from the U.S.” “The trade deal is in the final stages of detailing between the negotiating teams of both countries. Will be issuing a joint statement by both countries shortly, along with the details which we will be shortly inking between the U.S. and India. As soon as the final understanding of the deal is inked and the joint statement is finalised, technical processes are completed, and full details will be shared,” Mr. Goyal adds. “This is a deal that will protect the interests of every Indian and provide huge opportunities for all the people of India, and will protect the sensitive sectors, the interests of our agriculture sector, and our dairy sector. It will open up huge opportunities for our labour-intensive export sectors in textiles, apparel, plastics, home decor, leather and footwear, gems and jewellery, organic chemicals, rubber goods, machinery, and aircraft components,” Mr. Goyal says. • February 03, 2026 17:03 U.S. tariff reduction good news; exports to pick up: Nirmala Sitharaman“Reduction in U.S. tariff from 50% to 18% is very good news,” Finance Minister Nirmala Sitharaman tells PTI.“India’s exports will now pick up,” she says.- PTI “Reduction in U.S. tariff from 50% to 18% is very good news,” Finance Minister Nirmala Sitharaman tells PTI. “India’s exports will now pick up,” she says. • February 03, 2026 16:59 India-U.S. trade deal to deepen ties, push exports: Revenue SecretaryThe India-U.S. trade deal will further expand and deepen trade between the two large economies and create more opportunities for export of the country’s labour-intensive and manufacturing sectors in the American market, a top Finance Ministry official said on Tuesday.“India-U.S. trade deal will further expand and deepen trade between two of the largest economies of the world. It will create more opportunities for our labour-intensive and manufacturing sectors in the U.S. market and give impetus to mutually-beneficial collaboration in high and advanced technology sectors,” said Revenue Secretary Arvind Shrivastava.- PTI The India-U.S. trade deal will further expand and deepen trade between the two large economies and create more opportunities for export of the country’s labour-intensive and manufacturing sectors in the American market, a top Finance Ministry official said on Tuesday. “India-U.S. trade deal will further expand and deepen trade between two of the largest economies of the world. It will create more opportunities for our labour-intensive and manufacturing sectors in the U.S. market and give impetus to mutually-beneficial collaboration in high and advanced technology sectors,” said Revenue Secretary Arvind Shrivastava. • February 03, 2026 16:58 'Relief for our exporters': Omar Abdullah welcomes U.S. tariff cut on Indian goodsJammu and Kashmir Chief Minister Omar Abdullah on Tuesday welcomed the U.S. government’s decision to bring down reciprocal tariffs on Indian goods, saying this would bring relief to many exporters in the country who were facing difficulties in view of the increased tariffs.U.S. President Donald Trump on Monday announced that India and the U.S. have agreed on a trade deal under which Washington will reduce the reciprocal tariff on Indian goods to 18% from the current 25%.The announcement is crucial for India as the U.S. imposed a steep 50% tariff on Indian goods entering American markets from August 27, 2025.“These tariffs were proving to be quite burdensome for us, and we also know very well why these tariffs were imposed. The United States was not happy with the fact that we buy oil from Russia. Trump announced that the Indian government has now stopped purchasing oil from Russia, and because of that, the tariffs will no longer be imposed on us,” the Chief Minister told reporters in the Assembly lawns in Jammu.- PTI Jammu and Kashmir Chief Minister Omar Abdullah on Tuesday welcomed the U.S. government’s decision to bring down reciprocal tariffs on Indian goods, saying this would bring relief to many exporters in the country who were facing difficulties in view of the increased tariffs. U.S. President Donald Trump on Monday announced that India and the U.S. have agreed on a trade deal under which Washington will reduce the reciprocal tariff on Indian goods to 18% from the current 25%. The announcement is crucial for India as the U.S. imposed a steep 50% tariff on Indian goods entering American markets from August 27, 2025. “These tariffs were proving to be quite burdensome for us, and we also know very well why these tariffs were imposed. The United States was not happy with the fact that we buy oil from Russia. Trump announced that the Indian government has now stopped purchasing oil from Russia, and because of that, the tariffs will no longer be imposed on us,” the Chief Minister told reporters in the Assembly lawns in Jammu. • February 03, 2026 16:55 Rahul Gandhi claims PM Modi ‘compromised’, too afraid to let LoP speak in ParliamentCongress leader Rahul Gandhi on Tuesday hit out at the government over the India-U.S. trade deal, claiming that Prime Minister Narendra Modi has been “compromised”. The Prime Minister has “sold out” the hard work of Indian farmers through the agreement, he alleged, speaking to reporters within the Parliament complex after the Lok Sabha was adjourned several times amidst Opposition uproar.“The trade deal that was stuck for four months. Nothing has changed, but for a reason that both Mr. Modi and I know of, he signed the deal last evening,” Mr. Gandhi said, adding, “There is immense pressure on Narendra Modi ji”. The “balloon” of his image, created with thousands of crores, can burst, he added.Read the whole story here Congress leader Rahul Gandhi on Tuesday hit out at the government over the India-U.S. trade deal, claiming that Prime Minister Narendra Modi has been “compromised”. The Prime Minister has “sold out” the hard work of Indian farmers through the agreement, he alleged, speaking to reporters within the Parliament complex after the Lok Sabha was adjourned several times amidst Opposition uproar. “The trade deal that was stuck for four months. Nothing has changed, but for a reason that both Mr. Modi and I know of, he signed the deal last evening,” Mr. Gandhi said, adding, “There is immense pressure on Narendra Modi ji”. The “balloon” of his image, created with thousands of crores, can burst, he added. • February 03, 2026 16:52 India-U.S. trade deal a 'big decision': PM Modi at NDA MPs meetPrime Minister Narendra Modi on Tuesday said the India-U.S. trade deal is a “big decision” that will benefit everyone in the country, and asserted that his government always works in favour of the nation.The Prime Minister made these remarks at the meeting of the NDA Parliamentary Party, coalition MPs present at the meeting said.NDA coalition members congratulated PM Modi for the trade deals with the EU and the U.S., saying it would strengthen Indian manufacturers, exporters and entrepreneurs.- PTI Prime Minister Narendra Modi on Tuesday said the India-U.S. trade deal is a “big decision” that will benefit everyone in the country, and asserted that his government always works in favour of the nation. The Prime Minister made these remarks at the meeting of the NDA Parliamentary Party, coalition MPs present at the meeting said. NDA coalition members congratulated PM Modi for the trade deals with the EU and the U.S., saying it would strengthen Indian manufacturers, exporters and entrepreneurs. • February 03, 2026 16:49 Trade deal with U.S. adds momentum to India's growth ambition: Industry leadersThe India-U.S. trade deal adds meaningful momentum to India’s growth ambitions and supports the country’s aspiration to be a globally competitive manufacturing and innovation hub, industry leaders said on Tuesday.Captains of India Inc, from Bharti Enterprises’ Sunil Mittal to Aditya Birla Group’s Kumar Mangalam Birla, and Mahindra Group’s Anish Shah, reacted to the landmark pact, underlining its potential to transform the bilateral trade and investment landscape.Reacting to the trade agreement between the two countries, Mahindra Group CEO & Managing Director Anish Shah welcomed the development, terming it as “a significant step forward in strengthening bilateral trade and investment ties.Bharti Enterprises Founder and Chairman, Sunil Bharti Mittal, said the India-U.S. trade deal is a much-awaited and significant milestone for both nations, unlocking immense opportunities for investments and growth. “The flurry of FTAs is an affirmation of India’s role at the centre of global frameworks, aimed at building resilient international trade patterns,” Mr. Mittal said.TVS Motor Company Chairman Sudarshan Venu also said the reduction in the U.S. reciprocal tariff on Indian goods to 18% is a positive step that improves export competitiveness and reinforces confidence in long-term bilateral economic ties, furthering Prime Minister Narendra Modi’s vision of Viksit Bharat 2047.- PTI The India-U.S. trade deal adds meaningful momentum to India’s growth ambitions and supports the country’s aspiration to be a globally competitive manufacturing and innovation hub, industry leaders said on Tuesday. Captains of India Inc, from Bharti Enterprises’ Sunil Mittal to Aditya Birla Group’s Kumar Mangalam Birla, and Mahindra Group’s Anish Shah, reacted to the landmark pact, underlining its potential to transform the bilateral trade and investment landscape. Reacting to the trade agreement between the two countries, Mahindra Group CEO & Managing Director Anish Shah welcomed the development, terming it as “a significant step forward in strengthening bilateral trade and investment ties. Bharti Enterprises Founder and Chairman, Sunil Bharti Mittal, said the India-U.S. trade deal is a much-awaited and significant milestone for both nations, unlocking immense opportunities for investments and growth. “The flurry of FTAs is an affirmation of India’s role at the centre of global frameworks, aimed at building resilient international trade patterns,” Mr. Mittal said. TVS Motor Company Chairman Sudarshan Venu also said the reduction in the U.S. reciprocal tariff on Indian goods to 18% is a positive step that improves export competitiveness and reinforces confidence in long-term bilateral economic ties, furthering Prime Minister Narendra Modi’s vision of Viksit Bharat 2047. • February 03, 2026 16:47 Russia has not received any message from India about stopping oil purchases: Kremlin spokesmanRussia has not received any statements from India about stopping Russian oil purchases, Kremlin spokesman Dmitry Peskov said on Tuesday (February 3, 2026).Mr. Peskov also said that Russia intends to continue to develop its relations with India in every possible way, according to Russian media reports. “Moscow has not yet received any statements about India halting purchases of oil,” Mr. Peskov was quoted as saying by the Russian media.His comments came a day after U.S. President Donald Trump claimed that Prime Minister Narendra Modi has “agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela”.Read the story here Russia has not received any statements from India about stopping Russian oil purchases, Kremlin spokesman Dmitry Peskov said on Tuesday (February 3, 2026). Mr. Peskov also said that Russia intends to continue to develop its relations with India in every possible way, according to Russian media reports. “Moscow has not yet received any statements about India halting purchases of oil,” Mr. Peskov was quoted as saying by the Russian media. His comments came a day after U.S. President Donald Trump claimed that Prime Minister Narendra Modi has “agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela”. • February 03, 2026 16:42 Aluminium extrusion manufacturers' body says US-India trade deal offers no relief to industryAluminium extrusion manufacturers’ body (ALEMAI), on Tuesday, said that the India-U.S. trade deal is expected to benefit only certain sectors, while aluminium, iron and steel product exports will keep on facing higher 50% duty in the American market.India and the U.S. have agreed to a trade deal under which Washington will bring down reciprocal tariffs on Indian goods to 18% from the current 25%, U.S. President Donald Trump said on Monday after a phone conversation with Prime Minister Narendra Modi.Exporters and experts are now waiting for the USA’s executive order to get a clearer picture of the deal. Since August last year, Indian exports have been facing steep 50 % tariffs in the U.S. market.Also, through a separate ruling under Section 232, the U.S. administration increased tariffs on steel and aluminium products from 25% to 50% effecting June 2025.- PTI Aluminium extrusion manufacturers’ body (ALEMAI), on Tuesday, said that the India-U.S. trade deal is expected to benefit only certain sectors, while aluminium, iron and steel product exports will keep on facing higher 50% duty in the American market. India and the U.S. have agreed to a trade deal under which Washington will bring down reciprocal tariffs on Indian goods to 18% from the current 25%, U.S. President Donald Trump said on Monday after a phone conversation with Prime Minister Narendra Modi. Exporters and experts are now waiting for the USA’s executive order to get a clearer picture of the deal. Since August last year, Indian exports have been facing steep 50 % tariffs in the U.S. market. Also, through a separate ruling under Section 232, the U.S. administration increased tariffs on steel and aluminium products from 25% to 50% effecting June 2025. • February 03, 2026 16:38 U.S. tariff cut to 18% a boost for Bengal exports; employment-led sectors sees major upsideWest Bengal’s labour-intensive industries are set for a boost as industry bodies on Tuesday welcomed the India-U.S. trade deal, terming it a timely reset that sharply improves export competitiveness, with the leather and footwear sector expecting the biggest immediate gains from the steep cut in American tariffs.The Indian Leather Products Association (ILPA) said the reduction of U.S. reciprocal tariffs on Indian leather products and footwear from 50% (25% reciprocal and an additional 25 for importing Russian oil) to 18% would fundamentally alter India’s position in its largest export market.Calling it a “visionary deal”, ILPA president Mohamad Azhar said Indian exporters had been operating under a severe tariff disadvantage for years. “The reduction to 18 per cent fundamentally changes the competitive landscape and places India on a far stronger footing with major global players,” he said.- PTI West Bengal’s labour-intensive industries are set for a boost as industry bodies on Tuesday welcomed the India-U.S. trade deal, terming it a timely reset that sharply improves export competitiveness, with the leather and footwear sector expecting the biggest immediate gains from the steep cut in American tariffs. The Indian Leather Products Association (ILPA) said the reduction of U.S. reciprocal tariffs on Indian leather products and footwear from 50% (25% reciprocal and an additional 25 for importing Russian oil) to 18% would fundamentally alter India’s position in its largest export market. Calling it a “visionary deal”, ILPA president Mohamad Azhar said Indian exporters had been operating under a severe tariff disadvantage for years. “The reduction to 18 per cent fundamentally changes the competitive landscape and places India on a far stronger footing with major global players,” he said. • February 03, 2026 16:35 Trade deal with U.S. eases uncertainty, strengthens India's debt market: Trustee EPFOIndia’s benchmark government bond yield eased as investor sentiment strengthened following the trade deal between the United States and India, says Vineet Nahata, member of the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO), told ANI today. The agreement reduced uncertainty and reinforced confidence in the Indian financial markets.“The U.S. trade deal which happened yesterday has been symbolised as the father of all deals,” Mr. Nahata said in an interview on the sidelines of a FICCI Conference on Union Budget 2026-27.Mr. Nahata added that the tariff rate under the deal had been fixed at 18%, a level he described as favourable for financial markets across debt, equity and foreign exchange. He pointed to a clear reaction in the bond market, where the 10-year government security yield softened after the announcement.According to Mr. Nahata, the yield, which had been hovering around 6.77%, declined to about 6.71%, reflecting renewed confidence in Indian sovereign debt.- ANI India’s benchmark government bond yield eased as investor sentiment strengthened following the trade deal between the United States and India, says Vineet Nahata, member of the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO), told ANI today. The agreement reduced uncertainty and reinforced confidence in the Indian financial markets. “The U.S. trade deal which happened yesterday has been symbolised as the father of all deals,” Mr. Nahata said in an interview on the sidelines of a FICCI Conference on Union Budget 2026-27. Mr. Nahata added that the tariff rate under the deal had been fixed at 18%, a level he described as favourable for financial markets across debt, equity and foreign exchange. He pointed to a clear reaction in the bond market, where the 10-year government security yield softened after the announcement. According to Mr. Nahata, the yield, which had been hovering around 6.77%, declined to about 6.71%, reflecting renewed confidence in Indian sovereign debt. • February 03, 2026 14:37 Tariff cut to lower costs for U.S. importers, relief to diamond jewellery manufacturers: Kirit Bhansali, Chairman, GJEPCThe tariff cut lowers costs for U.S. importers, provides immense relief to diamond jewellery manufacturers, enhancing the competitiveness of Indian diamond jewellery in the largest export market. This is poised to revive demand and stabilise operations,” Kirit Bhansali, Chairman, GJEPC, said.“GJEPC is optimistic that, based on India signing the trade deal, loose diamonds and coloured gemstones from India will get the benefit of zero duty imports in USA, vide Annexure 3 of the U.S. reciprocal tariff list, providing much-needed support for diamond exports. This will enhance trade flows, rebuild confidence, and deliver a strong sector-wide boost,” Mr. Bhansali said.“GJEPC continues close consultations with the Government and awaits detailed notifications”, he added. The tariff cut lowers costs for U.S. importers, provides immense relief to diamond jewellery manufacturers, enhancing the competitiveness of Indian diamond jewellery in the largest export market. This is poised to revive demand and stabilise operations,” Kirit Bhansali, Chairman, GJEPC, said. “GJEPC is optimistic that, based on India signing the trade deal, loose diamonds and coloured gemstones from India will get the benefit of zero duty imports in USA, vide Annexure 3 of the U.S. reciprocal tariff list, providing much-needed support for diamond exports. This will enhance trade flows, rebuild confidence, and deliver a strong sector-wide boost,” Mr. Bhansali said. “GJEPC continues close consultations with the Government and awaits detailed notifications”, he added. • February 03, 2026 14:34 Trade deal provides major relief for Gem & Jewellery Exports: Kirit Bhansali, Chairman, GJEPCThe India-U.S. trade deal provides major relief for Gem & Jewellery Exports, said Kirit Bhansali, Chairman, GJEPC.“The Gem & Jewellery Export Promotion Council (GJEPC) has hailed the landmark India-U.S. trade agreement as a “vital relief measure for India’s gem and jewellery sector”, which faced severe pressure from escalating U.S. tariffs. Yohaan Ashish Varghese _12194 The India-U.S. trade deal provides major relief for Gem & Jewellery Exports, said Kirit Bhansali, Chairman, GJEPC. “The Gem & Jewellery Export Promotion Council (GJEPC) has hailed the landmark India-U.S. trade agreement as a “vital relief measure for India’s gem and jewellery sector”, which faced severe pressure from escalating U.S. tariffs. • February 03, 2026 14:28 Haryana CM hails India-U.S. trade deal as 'historic leap' Haryana Chief Minister Nayab Singh Saini hailed the India-U.S. trade agreement as a “historic leap” for bilateral relations, saying the milestone showcases expanding global confidence in India’s economic journey.“A historic leap for India-U.S. relations!,” Mr. Saini wrote in a post on X.He congratulated Prime Minister Modi and President Trump on “strengthening a partnership” that he said fuels “inclusive growth and sustained prosperity”.Mr. Saini said the landmark agreement is a major boost to the ‘Make In India’ and benefits American enterprises. He said the move enhances market access, strengthens trade and creates growth opportunities for both nations that will directly benefit our youth, farmers, MSMEs and startups as well as U.S. businesses and citizens.- PTI Haryana Chief Minister Nayab Singh Saini hailed the India-U.S. trade agreement as a “historic leap” for bilateral relations, saying the milestone showcases expanding global confidence in India’s economic journey. “A historic leap for India-U.S. relations!,” Mr. Saini wrote in a post on X. He congratulated Prime Minister Modi and President Trump on “strengthening a partnership” that he said fuels “inclusive growth and sustained prosperity”. Mr. Saini said the landmark agreement is a major boost to the ‘Make In India’ and benefits American enterprises. He said the move enhances market access, strengthens trade and creates growth opportunities for both nations that will directly benefit our youth, farmers, MSMEs and startups as well as U.S. businesses and citizens. • February 03, 2026 13:47 India-U.S. trade deal has reduced much global uncertainty, Economic Affairs Secretary says The announcement of a trade accord between India and the United States has reduced a great deal of global uncertainty, Economic Affairs Secretary, Anuradha Thakur said on Tuesday (February 3, 2026).India is committed to maintaining fiscal discipline consistently without compromising on its social and developmental priorities, she added- Reuters The announcement of a trade accord between India and the United States has reduced a great deal of global uncertainty, Economic Affairs Secretary, Anuradha Thakur said on Tuesday (February 3, 2026). India is committed to maintaining fiscal discipline consistently without compromising on its social and developmental priorities, she added • February 03, 2026 13:23 Piyush Goyal likely to make statement in Parliament on India-U.S. trade deal Commerce and Industry Minister Piyush Goyal is likely to make a statement in Parliament on Tuesday (February 3, 2026) on the India-U.S. trade agreement, sources said.They said that the minister is returning to Delhi from Mumbai to make the statement.“The Commerce Minister is likely to make a statement in the Parliament,” they added.- PTI Follow The Hindu’s updates from the Parliament on February 3, 2026 here.. Commerce and Industry Minister Piyush Goyal is likely to make a statement in Parliament on Tuesday (February 3, 2026) on the India-U.S. trade agreement, sources said. They said that the minister is returning to Delhi from Mumbai to make the statement. “The Commerce Minister is likely to make a statement in the Parliament,” they added. - PTI Follow The Hindu’s updates from the Parliament on February 3, 2026 here.. • February 03, 2026 13:14 BJP attacking farmers again, govt must answer: Akhilesh Yadav on US-India trade deal Samajwadi Party president Akhilesh Yadav slammed the government over the India-U.S. trade deal, saying opening Indian markets to American agricultural produce amounted to “betrayal” of nearly 70% of the country’s population dependent on farming.His remarks came after India and the U.S. agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18% from a total 50%.Mr. Yadav claimed that the BJP and its associates were “agents of foreign interests” even before Independence and continued to be so today.- PTI Samajwadi Party president Akhilesh Yadav slammed the government over the India-U.S. trade deal, saying opening Indian markets to American agricultural produce amounted to “betrayal” of nearly 70% of the country’s population dependent on farming. His remarks came after India and the U.S. agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18% from a total 50%. Mr. Yadav claimed that the BJP and its associates were “agents of foreign interests” even before Independence and continued to be so today. • February 03, 2026 12:10 Gems and jewellery stocks sparkle on India-U.S. trade deal Gems and jewellery stocks were in the limelight on Tuesday (February 3, 2026) after India and the U.S. agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18% from the current 25%.Shares of Goldiam International skyrocketed 20%, Vaibhav Global zoomed 20%, Kalyan Jewellers India jumped 7.61% and Senco Gold edged higher by 7.41% on the BSE.The stock of Shringar House of Mangalsutra jumped 6.61%, P N Gadgil Jewellers advanced 6.25%, PC Jeweller surged 5% and Titan climbed 4.68%.- PTI Gems and jewellery stocks were in the limelight on Tuesday (February 3, 2026) after India and the U.S. agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18% from the current 25%. Shares of Goldiam International skyrocketed 20%, Vaibhav Global zoomed 20%, Kalyan Jewellers India jumped 7.61% and Senco Gold edged higher by 7.41% on the BSE. The stock of Shringar House of Mangalsutra jumped 6.61%, P N Gadgil Jewellers advanced 6.25%, PC Jeweller surged 5% and Titan climbed 4.68%. • February 03, 2026 12:09 Odisha CM calls U.S. tariff reduction 'people focused diplomacy' Odisha Chief Minister Mohan Charan Majhi congratulated Prime Minister Narendra Modi for securing a trade agreement with the United States, which led to a significant reduction in tariffs on Indian exports, and called it a “people focused” diplomacy. Odisha Chief Minister Mohan Charan Majhi congratulated Prime Minister Narendra Modi for securing a trade agreement with the United States, which led to a significant reduction in tariffs on Indian exports, and called it a “people focused” diplomacy. • February 03, 2026 11:46 Indian, American industry bodies and leaders laud India-U.S. tariff dealIndustry bodies and leaders in both India and the U.S., and across sectors, have welcomed the announcement of a deal between India and the U.S. under which tariffs on India are set to be slashed from the current 50% to 18%.Some commentators, however, cautioned against taking the new of the deal for granted. Click below to read more:India-US tariff trade deal: Indian, American industry bodies and leaders rejoiceIndustry leaders from India and the U.S. celebrate a significant tariff reduction deal, boosting trade and competitiveness. Industry bodies and leaders in both India and the U.S., and across sectors, have welcomed the announcement of a deal between India and the U.S. under which tariffs on India are set to be slashed from the current 50% to 18%. Some commentators, however, cautioned against taking the new of the deal for granted. Click below to read more: ### India-US tariff trade deal: Indian, American industry bodies and leaders rejoice Industry leaders from India and the U.S. celebrate a significant tariff reduction deal, boosting trade and competitiveness. • February 03, 2026 11:34 Rreduction in U.S. reciprocal tariff is a positive step that improves export competitiveness: Sudarshan Venu, Chairman, TVS Motor Company Sudarshan Venu, Chairman of the TVS Motor Company, said that the reduction in the U.S. reciprocal tariff on Indian goods to 18% is a positive step that improves export competitiveness and reinforces confidence in long-term bilateral economic ties.“Furthering the Hon’ble PM’s vision of Viksit Bharat 2047. Equally important is the intent on both sides to progressively lower tariffs and non-tariff barriers, which can deepen supply-chain integration, enable faster technology collaboration, and attract investment into advanced manufacturing.India has now secured several strategic trade deals with key economic partners around the world. In a challenging global environment, predictability and openness in trade help Indian industry scale, innovate and create jobs. We look forward to a stronger India–US partnership that accelerates growth, expands market access, and supports India’s ambition to be a globally competitive manufacturing and innovation hub,” he added. - The Hindu Bureau Sudarshan Venu, Chairman of the TVS Motor Company, said that the reduction in the U.S. reciprocal tariff on Indian goods to 18% is a positive step that improves export competitiveness and reinforces confidence in long-term bilateral economic ties. “Furthering the Hon’ble PM’s vision of Viksit Bharat 2047. Equally important is the intent on both sides to progressively lower tariffs and non-tariff barriers, which can deepen supply-chain integration, enable faster technology collaboration, and attract investment into advanced manufacturing. India has now secured several strategic trade deals with key economic partners around the world. In a challenging global environment, predictability and openness in trade help Indian industry scale, innovate and create jobs. We look forward to a stronger India–US partnership that accelerates growth, expands market access, and supports India’s ambition to be a globally competitive manufacturing and innovation hub,” he added. - The Hindu Bureau • February 03, 2026 11:03 Reduced tariffs will help strengthen the strategic and economic ties: Kumar Mangalam BirlaIssuing a statement on the India-U.S. trade deal, Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said: “The reduced tariffs will help strengthen the strategic and economic ties between our two great countries and provide additional opportunity for investment and collaboration. The Aditya Birla Group is the largest Indian investor in the U.S., and we see this agreement help shape more resilient supply chains, unlock manufacturing opportunities and drive long-term economic competitiveness in both the U.S. and India. We are committed to expanding our presence and investments in the U.S., where we see substantial opportunities for innovation, growth and enduring partnerships.”- The Hindu Bureau Issuing a statement on the India-U.S. trade deal, Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said: “The reduced tariffs will help strengthen the strategic and economic ties between our two great countries and provide additional opportunity for investment and collaboration. The Aditya Birla Group is the largest Indian investor in the U.S., and we see this agreement help shape more resilient supply chains, unlock manufacturing opportunities and drive long-term economic competitiveness in both the U.S. and India. We are committed to expanding our presence and investments in the U.S., where we see substantial opportunities for innovation, growth and enduring partnerships.” - The Hindu Bureau • February 03, 2026 10:47 Congress asks Govt to take Parliament into confidence on U.S., EU trade deals The Congress demanded that the Modi government should take Parliament into confidence and the text of both the EU and U.S. trade deals must be laid on the table of both Houses and debated.Congress general secretary in-charge communications Jairam Ramesh said that from the information President Donald Trump has provided, it is abundantly clear that Prime Minister Narendra Modi has “completely surrendered”.He said that almost exactly a year ago, Prime Minister Modi landed at the White House to greet President Trump on his re-election. The Congress demanded that the Modi government should take Parliament into confidence and the text of both the EU and U.S. trade deals must be laid on the table of both Houses and debated. Congress general secretary in-charge communications Jairam Ramesh said that from the information President Donald Trump has provided, it is abundantly clear that Prime Minister Narendra Modi has “completely surrendered”. He said that almost exactly a year ago, Prime Minister Modi landed at the White House to greet President Trump on his re-election. • February 03, 2026 10:41 Congress MP submits adjournment motion in Lok Sabha to discuss India-U.S. trade agreement Congress MP K.C. Venugopal has given an Adjournment Motion Notice in Lok Sabha to discuss India-U.S. Trade Agreement. Congress MP K.C. Venugopal has given an Adjournment Motion Notice in Lok Sabha to discuss India-U.S. Trade Agreement. • February 03, 2026 10:39 Watch: PM Modi felicitated at NDA Parliamentary party meeting • February 03, 2026 10:21 Textile, leather stocks jump on India-U.S. trade deal Textile and leather stocks surged as much as 20% on after India and the U.S. agreed to a trade deal under which Washington will bring down reciprocal tariff on Indian goods to 18% from current 25%.Shares of K P R Mill surged 20%, Garware Technical Fibres zoomed 20%, Welspun Living jumped 19.85%, Vardhman Textiles 19.60%, Trident jumped 19.52%, Raymond Lifestyle climbed 9.56% and Page Industries climbed 5.31% on the BSE.- PTI Textile and leather stocks surged as much as 20% on after India and the U.S. agreed to a trade deal under which Washington will bring down reciprocal tariff on Indian goods to 18% from current 25%. Shares of K P R Mill surged 20%, Garware Technical Fibres zoomed 20%, Welspun Living jumped 19.85%, Vardhman Textiles 19.60%, Trident jumped 19.52%, Raymond Lifestyle climbed 9.56% and Page Industries climbed 5.31% on the BSE. • February 03, 2026 09:58 Nifty jumps 4.8%, Sensex surges over 3,600 pointsThe domestic equity markets opened with a historic rally on Tuesday (February 3, 2026), surging sharply in early trade, supported by upbeat global cues following the announcement of a key India-U.S. trade deal.Benchmark indices witnessed record gains at the opening bell, reflecting strong investor optimism across sectors.The Nifty 50 index opened at 26,308.05, up by 1,219.65 points or 4.86%, while the BSE Sensex jumped 3,656.74 points or 4.48% to open at 85,323.20.The markets opened on a strong positive note, exploding in positive territory amid improved global risk sentiment after the trade deal announcement.- ANI The domestic equity markets opened with a historic rally on Tuesday (February 3, 2026), surging sharply in early trade, supported by upbeat global cues following the announcement of a key India-U.S. trade deal. Benchmark indices witnessed record gains at the opening bell, reflecting strong investor optimism across sectors. The Nifty 50 index opened at 26,308.05, up by 1,219.65 points or 4.86%, while the BSE Sensex jumped 3,656.74 points or 4.48% to open at 85,323.20. The markets opened on a strong positive note, exploding in positive territory amid improved global risk sentiment after the trade deal announcement. • February 03, 2026 09:54 India-U.S. trade deal to boost country's manufacturing: FMFinance Minister Nirmala Sitharaman welcomed the reduction in United States’ tariffs on Indian goods, describing the development as a major boost for the ‘Made in India’ initiative. Taking to social media platform X, the finance minister said that Indian products would now face a reduced reciprocal tariff of 18%. Finance Minister Nirmala Sitharaman welcomed the reduction in United States’ tariffs on Indian goods, describing the development as a major boost for the ‘Made in India’ initiative. Taking to social media platform X, the finance minister said that Indian products would now face a reduced reciprocal tariff of 18%. • February 03, 2026 09:31 Historic deal will elevate strategic partnership: Amit Shah • February 03, 2026 09:05 Deal with India will export more American farm products, help counter Russian aggression: U.S. leadersTop American leaders said the trade deal announced by U.S. President Donald Trump with “close partner” India will export more farm products from America to the massive Indian market and the agreement will also help counter Russian aggression.“Congratulations to President Trump for a superb accomplishment on today’s trade agreement with India,” Senate Foreign Relations Committee Chairman Senator Jim Risch said in a post on X.He said he is “very glad to learn that the world’s oldest and largest democracy has agreed to reduce trade barriers with the United States.” Describing India as a “close partner” of the US, with a prominent diaspora in America, Mr. Risch said New Delhi is an integral partner in countering China’s “malign influence” in the Indo-Pacific.“Now, under this new agreement India has pledged to buy American. It will also help the US counter Russian aggression and in its work to bring an end to Russia’s war against Ukraine by cutting off India’s support of the Russian energy sector,” Mr. Risch said.U.S. Secretary of Agriculture Brooke Rollins thanked Trump for “once again” delivering for American farmers.“New US-India deal will export more American farm products to India’s massive market, lifting prices, and pumping cash into rural America,” she said in a post on X.- PTI Top American leaders said the trade deal announced by U.S. President Donald Trump with “close partner” India will export more farm products from America to the massive Indian market and the agreement will also help counter Russian aggression. “Congratulations to President Trump for a superb accomplishment on today’s trade agreement with India,” Senate Foreign Relations Committee Chairman Senator Jim Risch said in a post on X. He said he is “very glad to learn that the world’s oldest and largest democracy has agreed to reduce trade barriers with the United States.” Describing India as a “close partner” of the US, with a prominent diaspora in America, Mr. Risch said New Delhi is an integral partner in countering China’s “malign influence” in the Indo-Pacific. “Now, under this new agreement India has pledged to buy American. It will also help the US counter Russian aggression and in its work to bring an end to Russia’s war against Ukraine by cutting off India’s support of the Russian energy sector,” Mr. Risch said. U.S. Secretary of Agriculture Brooke Rollins thanked Trump for “once again” delivering for American farmers. “New US-India deal will export more American farm products to India’s massive market, lifting prices, and pumping cash into rural America,” she said in a post on X. • February 03, 2026 08:51 India-U.S. deal: Five unanswered questions The announcements by both U.S. President Donald Trump and Prime Minister Narendra Modi that the U.S. will reduce “reciprocal” tariffs on India from 25% to 18% are a major relief to Indian exporters, and indicate relations between the two countries are on the mend, after a year of severe tensions.Several differences remain between Mr. Trump’s version of the agreement and Mr. Modi’s version, which will need to be reconciled.Click here to read more, as Suhasini Haidar explores five unanswered questions on the India-U.S. trade deal The announcements by both U.S. President Donald Trump and Prime Minister Narendra Modi that the U.S. will reduce “reciprocal” tariffs on India from 25% to 18% are a major relief to Indian exporters, and indicate relations between the two countries are on the mend, after a year of severe tensions. Several differences remain between Mr. Trump’s version of the agreement and Mr. Modi’s version, which will need to be reconciled. Click here to read more, as Suhasini Haidar explores five unanswered questions on the India-U.S. trade deal • February 03, 2026 08:37 CITI hails reduction in U.S. tariffs on Indian goods to 18%, says textile exporters again in position to compete effectively in U.S. market The Confederation of Indian Textile Industry (CITI), a key textile organisation, has welcomed the reduction in the U.S. tariff on Indian goods to 18%.CITI Chairman Ashwin Chandran said that the reduction in tariff will ensure India’s textile and apparel exporters are once again in a position to compete effectively in the US market, the single-largest market for India’s textile and apparel exports.“The Confederation of Indian Textile Industry (CITI) heartily welcomes the announcement of the trade deal between the U.S. and India and the reduction in the U.S. tariff on Indian goods to 18%. CITI would like to express its sincere gratitude to both the U.S. President Donald Trump and Indian Prime Minister Narendra Modi for this trade deal,” he said.“This reduction in tariff will ensure our textile and apparel exporters are once again in a position to compete effectively in the US market, the single-largest market for India’s textile and apparel exports. This deal will also ensure that factories can run at full steam once more and job creation can get back to previous levels,” he added.- ANI The Confederation of Indian Textile Industry (CITI), a key textile organisation, has welcomed the reduction in the U.S. tariff on Indian goods to 18%. CITI Chairman Ashwin Chandran said that the reduction in tariff will ensure India’s textile and apparel exporters are once again in a position to compete effectively in the US market, the single-largest market for India’s textile and apparel exports. “The Confederation of Indian Textile Industry (CITI) heartily welcomes the announcement of the trade deal between the U.S. and India and the reduction in the U.S. tariff on Indian goods to 18%. CITI would like to express its sincere gratitude to both the U.S. President Donald Trump and Indian Prime Minister Narendra Modi for this trade deal,” he said. “This reduction in tariff will ensure our textile and apparel exporters are once again in a position to compete effectively in the US market, the single-largest market for India’s textile and apparel exports. This deal will also ensure that factories can run at full steam once more and job creation can get back to previous levels,” he added. • February 03, 2026 08:18 Rupee set to rally on prospects India-U.S. trade deal to attract flowsThe Rupee is set to rally sharply at open on Tuesday (February 3, 2026), supported by expectations that the U.S.–India trade deal will draw foreign investors back to Indian assets and alleviate hedging activity-related pressure.The 1-month non-deliverable forward indicated the rupee will open in the 90.15-90.25 range versus the U.S. dollar, having settled at 91.5125 on Monday.The deal, announced by U.S. President Donald Trump on social media following a call with Prime Minister Narendra Modi, effectively dismantles a punitive tariff regime that had seen duties on Indian goods exports climb to 50%, the highest in Asia.- Reuters The Rupee is set to rally sharply at open on Tuesday (February 3, 2026), supported by expectations that the U.S.–India trade deal will draw foreign investors back to Indian assets and alleviate hedging activity-related pressure. The 1-month non-deliverable forward indicated the rupee will open in the 90.15-90.25 range versus the U.S. dollar, having settled at 91.5125 on Monday. The deal, announced by U.S. President Donald Trump on social media following a call with Prime Minister Narendra Modi, effectively dismantles a punitive tariff regime that had seen duties on Indian goods exports climb to 50%, the highest in Asia. • February 03, 2026 08:09 U.S. Envoy Gor "thrilled" by Trump's claim of trade deal with India, says ties have "limitless potential" U.S. Ambassador to India Sergio Gor on Monday welcomed US President Donald Trump’s claims regarding a trade deal with India, where Washington reduced the reciprocal tariff from 25% to 18%.In a post on X, following Mr. Trump’s claims of a trade deal with New Delhi announced in a post on Truth Social, the US Ambassador said that the bilateral relationship between the two nations has “limitless potential”.Gor further said that Trump shares a close personal rapport with Prime Minister Narendra Modi, noting that the U.S. President “genuinely considers” the Prime Minister a “great friend”.“As I have said many times, President Trump genuinely considers Prime Minister Modi a great friend! Thrilled by the news of the trade deal this evening. The relationship between the United States and India has LIMITLESS POTENTIAL!” Mr. Gor wrote in his post. U.S. Ambassador to India Sergio Gor on Monday welcomed US President Donald Trump’s claims regarding a trade deal with India, where Washington reduced the reciprocal tariff from 25% to 18%. In a post on X, following Mr. Trump’s claims of a trade deal with New Delhi announced in a post on Truth Social, the US Ambassador said that the bilateral relationship between the two nations has “limitless potential”. Gor further said that Trump shares a close personal rapport with Prime Minister Narendra Modi, noting that the U.S. President “genuinely considers” the Prime Minister a “great friend”. “As I have said many times, President Trump genuinely considers Prime Minister Modi a great friend! Thrilled by the news of the trade deal this evening. The relationship between the United States and India has LIMITLESS POTENTIAL!” Mr. Gor wrote in his post. • February 03, 2026 07:58 India-US trade deal unlocks unprecedented opportunities for farmers, MSMEs, entrepreneurs, and skilled workers: Piyush Goyal Commerce and Industry Minister Piyush Goyal has said that the India-U.S. trade deal unlocks the power of two large democracies working together for the shared prosperity of their people, and the bilateral partnership will co-create technologies and co-develop solutions.He said the trade deal unlocks unprecedented opportunities for farmers, MSMEs, entrepreneurs, and skilled workers.In a post on X, Mr. Goyal also said that the trade deal will help India get technology from the United States and accelerate India’s journey towards Viksit Bharat 2047.He lauded Prime Minister Narendra Modi and U.S. President Donald Trump for the trade deal.“Congratulations to Prime Minister @NarendraModi ji and President @RealDonaldTrump as well as to the people of India and the United States, on the landmark trade agreement. This reflects the power of two like-minded, fair-trading democracies working together for shared prosperity,” he said.“Grateful for PM @NarendraModi ji and President @realDonaldTrump visionary and decisive leadership, and strong commitment to strengthening India-U.S. ties,” he added.He said the trade deal also opens opportunities for Make in India for the world, Design in India for the world, and Innovate in India for the world.- ANI Commerce and Industry Minister Piyush Goyal has said that the India-U.S. trade deal unlocks the power of two large democracies working together for the shared prosperity of their people, and the bilateral partnership will co-create technologies and co-develop solutions. He said the trade deal unlocks unprecedented opportunities for farmers, MSMEs, entrepreneurs, and skilled workers. In a post on X, Mr. Goyal also said that the trade deal will help India get technology from the United States and accelerate India’s journey towards Viksit Bharat 2047. He lauded Prime Minister Narendra Modi and U.S. President Donald Trump for the trade deal. “Congratulations to Prime Minister @NarendraModi ji and President @RealDonaldTrump as well as to the people of India and the United States, on the landmark trade agreement. This reflects the power of two like-minded, fair-trading democracies working together for shared prosperity,” he said. “Grateful for PM @NarendraModi ji and President @realDonaldTrump visionary and decisive leadership, and strong commitment to strengthening India-U.S. ties,” he added. He said the trade deal also opens opportunities for Make in India for the world, Design in India for the world, and Innovate in India for the world. • February 03, 2026 07:52 PM Modi has capitulated finally: Congress on India-U.S. trade deal announcement • February 03, 2026 07:43 Trade deal will create more jobs, spur growth and promote innovation in both economies: EAM Jaishankar Reacting to the trade deal, EAM Jaishankar said the deal will create more jobs, spur growth and promote innovation in both economies: Reacting to the trade deal, EAM Jaishankar said the deal will create more jobs, spur growth and promote innovation in both economies: • February 03, 2026 07:42 18% U.S. tariff on ‘Made in India’ products, says PM Modi after phone call with President Trump Indicating a positive turn in a bilateral relationship that had been under strain because of multiple issues, Prime Minister Narendra Modi announced that “Made in India” products will “now” attract a “reduced tariff of 18%” in the U.S., after a telephonic conversation with President Donald Trump on Monday.The move is expected to significantly reduce the impact of the 50% penalty tariffs that Mr. Trump had imposed on India in August 2025.Commerce and Industry Minister Piyush Goyal welcomed the developments.Read more on this here.... Indicating a positive turn in a bilateral relationship that had been under strain because of multiple issues, Prime Minister Narendra Modi announced that “Made in India” products will “now” attract a “reduced tariff of 18%” in the U.S., after a telephonic conversation with President Donald Trump on Monday. The move is expected to significantly reduce the impact of the 50% penalty tariffs that Mr. Trump had imposed on India in August 2025. Commerce and Industry Minister Piyush Goyal welcomed the developments. Published - February 03, 2026 07:41 am IST ### Related Topics Live news / India-United States / USA / trade agreements / international (foreign) trade