India’s Ministry of Commerce and Industry announced that negotiations with the United States placed the country’s “fresh tariffs” in a lower bracket

India’s Ministry of Commerce and Industry announced that negotiations with the United States have placed this country’s “fresh tariffs” in a “lower bracket.” Based on this statement, the additional tariff on Indian goods has been reduced from 12.5 to 10 percent.

About 45 percent of India’s exports to the United States are exempt from these tariffs. Generic drugs, smartphones, steel, aluminum, and auto parts are included in this list. The remaining 55 percent is subject to the 10 percent tariff.

These tariffs are part of the U.S. Trade Representative’s action concerning forced labor, which covers 60 economies. India says it is in the process of finalizing a bilateral trade agreement ahead of schedule.