U.S.-India deal: What we know so far

• India's 50% tariff on certain goods has been eliminated, with tariffs reduced to 18%, positioning India with the lowest tariffs among emerging nations.
• The 25% penalty on India for purchasing Russian oil has been removed, and the reciprocal tariff has been reduced to 18%.
• This agreement is an 'early harvest agreement,' a limited trade pact focused on quick tariff cuts, rather than a comprehensive Free Trade Agreement like the one India has with the EU.
• Uncertainties remain regarding the specific goods and services that will be taxed, India's 'red lines,' and the possibility of future tariff threats from the U.S.

The video details the recently announced U.S.-India trade deal, which includes significant tariff cuts and the removal of a penalty on India for buying Russian oil. India's tariffs are now set at 18%, making them the lowest among emerging nations. However, the deal is an 'early harvest agreement,' not a full Free Trade Agreement, leaving some questions about the fine print and potential future tariff threats.