The commerce cope with the USA, introduced late on Monday (February 2, 2026) by US President Donald Trump and Prime Minister Narendra Modi on social media, excludes delicate agricultural merchandise and dairy merchandise, Commerce Minister Piyush Goyal stated on Tuesday (February 3, 2026), including that particulars of the deal can be made public “quickly.”
Beneath the settlement, the US agreed to cut back its 25% “reciprocal” tariff on India to 18% and fully get rid of the extra 25% “penalty” tariff it had imposed on India on Russian oil imports.
“Finest deal”
“The commerce settlement India has with the USA is the very best amongst India’s neighbors and rivals,” Goyal stated at a press convention. “Prime Minister Modi has all the time protected the agriculture and dairy sector and by no means compromised on its pursuits. Even the US commerce deal excludes India’s delicate sector of agriculture and dairy,” he stated.
Goyal didn’t point out every other particulars of India’s concessions to the USA, nor did he point out Trump’s insistence that India cease shopping for Russian oil, enhance oil purchases from Venezuela, and enhance complete purchases from the USA.
The opposition social gathering’s fault
He additionally attacked Lok Sabha Chief of Opposition Rahul Gandhi, the Congress and their allies, saying it was their actions in Parliament on Monday (February 3, 2026) for conveying details about the commerce deal in a press convention moderately than within the Home flooring.
“Initially, I might have wished to speak about this in Congress,” he stated. “However as you all have seen, we needed to communicate in entrance of you outdoors the Home after seeing how the Opposition, particularly the Congress social gathering led by Rahul Gandhi and its allies, DMK, Trinamool Congress and SP, behaved contained in the Parliament and reached the Speaker Dia and insulted him.”
Ultimate stage underway
Goyal stated the deal was within the “last levels of finalizing the main points” between negotiating groups from each nations.
“Full particulars might be shared as soon as the ultimate understanding of the settlement is finalized, the joint assertion is finalized and the technical course of is accomplished,” the minister stated.
Influence of tariffs
In a uncommon public look, Goyal acknowledged the impression of U.S. tariffs on a number of areas.
“All of our farmers and exporters have been affected by the 50 per cent tariff,” he stated, including, “Our maritime exporters have been dealing with hardship. The textile sector was additionally dealing with the necessity for decrease tariffs. That is an settlement that protects the pursuits of all Indians and offers nice alternatives for all Indians, defending delicate sectors together with agriculture and dairy.” “It’ll open up large alternatives in labor-intensive export sectors comparable to textiles, attire, plastics, upholstery, leather-based and footwear, gems and jewelry, natural chemical compounds, rubber merchandise, equipment and plane components,” Goyal stated.
Trump’s claims
Mr. Goyal additionally sought to reply opposition questions on why Mr. Trump introduced the deal within the first place. “The reciprocal tariffs have been set by the USA, and it was the USA that needed to decrease the tariffs, so if we truly lowered them to 18%, that information would clearly come from the USA,” he defined.
Trump additionally made a number of claims about Modi’s alleged agreements on behalf of India in a put up on Reality Social. One was that India would purchase “greater than $500 billion price of U.S. vitality, know-how, agricultural merchandise, coal, and lots of different merchandise.”
Indian authorities officers stated the $500 billion price of purchases might be unfold over 5 years after the settlement takes impact, signaling India’s intention to “import” information middle tools, step up civil nuclear cooperation and enhance imports of superior AI chips.
issued – February 3, 2026 9:09 PM IST
