India, US may sign formal trade pact by mid-March

The United States will reduce tariffs on goods from India. The tariffs will drop to 18% from the current 50%. This change will happen after a joint statement is signed virtually, marking the first part of a broader trade agreement. Washington plans to issue an executive order to put the lower tariffs into effect a day or two after the joint statement is finalized. "Indian tariff reductions (will happen) only after a legal agreement," stated commerce secretary Rajesh Agrawal.