India gains export edge as US tariffs fall to 18%, beats China, Bangladesh
Following the announcement of the India-US trade deal on Monday, in which Washington reduced tariffs on India to 18 per cent, New Delhi now faces lower tariffs than its regional export competitors in South and Southeast Asia, News.Az reports, citing Business Standard.
With the new tariff structure, India now has a clear advantage over competing export economies in the region, with lower tariff rates compared to Indonesia at 19 per cent and Bangladesh and Vietnam with 20 per cent each.
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Compared to China, India now enjoys significantly lower tariffs, with tariffs levied on Beijing at 34 per cent.
India also enjoys a slight edge over Pakistan, with tariffs on Islamabad currently levied at 19 per cent.
Earlier on Monday, US President Donald Trump said that the US and India "have agreed to a trade deal" with Washington reducing the reciprocal tariff from 25 per cent to 18 per cent, "out of friendship and respect" for PM Modi. He further stated that the deal will come "effective immediately".
By Faig Mahmudov
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