India Nears Deal to Slash U.S. Tariffs on Its Exports Down to 16%

India and the United States are nearing a long-stalled trade agreement that would reduce U.S. tariffs on Indian imports to 15%–16% from around 50%, India’s Mint reported, citing three people aware of the matter, Bipasha Dey reported for Reuters.

As part of the negotiations, India may allow increased imports of non-genetically modified (non-GM) U.S. corn and soymeal.

The deal, which hinges on energy and agriculture, may see India gradually scale back its imports of Russian crude oil, Mint reported. U.S. President Donald Trump said he recently spoke with Indian Prime Minister Narendra Modi, focusing largely on trade.

Trump said energy was also part of their discussion, adding that Modi assured him India would limit its oil purchases from Russia.

As part of the negotiations, India may allow increased imports of non-genetically modified (non-GM) U.S. corn and soymeal, Mint reported, citing the sources. The deal may also include a mechanism to periodically review tariffs and market access, the outlet said.

Finalization of the bilateral trade agreement is likely to be announced at the ASEAN Summit this month, Mint reported.