The formal agreement on the deal will take 30-45 days and will be signed in March, Goyal was quoted as saying by Reuters. ADVERTISEMENTThe joint agreement would be signed virtually, he said, and the US tariff on goods from India would be reduced to 18 per cent by executive order once the joint statement is signed. “We want to get the agreement fast as we can get more concessions after that,” Goyal said. Commerce secretary Rajesh Agarwal said: “India will reduce tariff on US once the legalagreement is signed in March.”Some clarity also emerged on Trump’s assertion that India will buy goods worth $500 billion from the US. Over the next five years, India’s procurement will grow to $2 trillion and the US will supply $500 billion as part of it, the officials said.

Source: The Telegraph February 05, 2026 08:17 UTC