Last Updated on February 4, 2026 12:54 am by INDIAN AWAAZ
AMN / NEW DELHI
Union Minister for Commerce and Industry Piyush Goyal on Tuesday said India has secured a better trade deal than its global competitors with the United States, leveraging Prime Minister Narendra Modi’s rapport with President Trump, to slash reciprocal tariffs from 50 per cent to 18 per cent.
The deal, cheered both by exporters and the stock market, is, however, under final stages of detailing between the negotiating teams from both sides, and tariff cuts will be implemented only after a joint statement is inked by both countries which is to happen “shortly.” The detailing could take several weeks as it would include India’s commitments on reduction of tariff and non-tariff barriers as well, sources said.
The markets witnessed a sharp rally on Tuesday, with the Sensex soaring 2,072.67 points or 2.54 per cent to close at 83,739.13, marking its biggest single-day gain in terms of points since November 22, 2024, as FPIs returned as big buyers. The Nifty 50 surged 639.15 points to near its all time high of 26,373.20 points.