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ARTICLE · 10 MARCH 2026

TPM Consultants: March 2026 - Key Highlights

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India and the USA announce framework for Interim Agreement (07 Feb) Earlier this month, India and the USA announced the framework for Interim Agreement regarding reciprocal and mutually beneficial trade.

IndiaInternational Law
TPM Consultant
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India and the USA announce framework for Interim Agreement (07 Feb)

Earlier this month, India and the USA announced the framework for Interim Agreement regarding reciprocal and mutually beneficial trade. India agreed to eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products. On the other hand, the USA agreed to apply a reciprocal tariff rate of 18% on textile and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery. As per the framework, India would not be subject to the additional ad valorem rate of duty of 25% with immediate effect. The USA would have also removed reciprocal tariffs after successful completion of the Agreement on various products including pharmaceuticals, gems and diamonds, and aircraft parts. Further, the USA also agreed to remove tariffs on certain aircraft and aircraft parts from India and give India

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