India-US trade deal LIVE: Govt to issue suo motu statement on trade deal, says JP Nadda in Parliament

India's Gem and Jewellery Export Promotion Council (GJEPC) Chairman, Kirit Bhansali, said that the country's diamond jewellery manufacturing will get a ‘vital relief’ from the India-US trade deal, as the United States accounts for 31% of all exports, making it the largest market for the country.

“Tariff cuts lower costs for U.S. importers, provides immense relief to diamond jewellery manufacturers, boost competitiveness of Indian diamond jewellery, revive demand, and stabilize operations,” said the expert.

The trade body expert also said that they are optimistic that based on India signing the trade deal loose diamonds and coloured gemstones from India will get the benefit of zero duty imports in USA vide Annexure 3 of the U.S. reciprocal tariff list.

Rajeev Gupta, Joint Managing Director, RSWM Limited, said, “The India–US trade deal’s sharp tariff reduction from 50% to 18% provides India with a 2% cost advantage over competitors such as Bangladesh and Vietnam, significantly strengthening our global competitiveness. This long-pending agreement has already stirred revival among the stalled or delayed US orders. These orders make up nearly 28% of India’s textile exports. Combined with internal duty exemptions and a Budget that meaningfully strengthens textile competitiveness and domestic value chains, the timing is ideal to accelerate exports, support jobs across MSME clusters, and improve financial margins in the coming quarters.”

Sameer Merchant, MD & CEO, Laxmi Denta Limited, offered an industry perspective on how easing trade barriers can strengthen cross-border healthcare, support manufacturing growth, and accelerate technology adoption across specialised medical device segments.

He said, “The reduction in tariffs by the US is a meaningful step toward easing trade barriers for the global medical device sector and reinforces confidence in the cross-border healthcare ecosystem. Improved market access can support export momentum and create headroom for manufacturers to reinvest in advanced technologies, quality systems, and capacity expansion."

"For specialised medical device segments, such developments are particularly significant, as they enable greater participation in global value chains while maintaining high standards of precision, safety, and compliance. By lowering entry thresholds and improving trade economics, this move supports long-term manufacturing sustainability and encourages innovation-led growth, ultimately contributing to wider access to high-quality medical devices across international markets,” he added.

Accoridng to Bloomberg, Indian refiners are seeking guidance from New Delhi on the future of Russian purchases after President Donald Trump announced the world’s third-largest oil importer would stop taking Moscow’s crude in exchange for lower trade tariffs.

Responding to the Opposition MPs raising the India-US trade agreement in Rajya Sabha, Union Minister JP Nadda says, “Late last night, the US President tweeted on tariffs and referred to PM Modi as a true friend.”

"After this, the PM tweeted, thanking the US President and on trade. The government will issue a suo motu statement on this trade deal and also hold a discussion on it. When the government is ready to give a detailed statement, this attitude of Congress and the INDI alliance is wrong. It is their frustration which is speaking," he said.

On India-US trade agreement, MD & CEO, National Stock Exchange Of India (NSE), Ashish Kumar Chauhan said, "It is a very nice outcome after almost a year of waiting...Appreciation for PM Modi for holding up and getting the best possible outcome for India...There was a need to have the US on our side...This deal puts India and the US together..."

Madhavi Arora, Chief economist, Emkay global, said, “While we await the final print of the deal, indications suggest that the additional punitive 25% tariff risk has been removed, and the base tariff has been reduced from 25% to 18%.”

“This brings India broadly in line with its Asian peers on tariff rates—at the very least eliminating the earlier unfair and disproportionate drag on exports and, by extension, the INR,” she added.

“There are no incremental advantages or preferential placements vis-à-vis Asian peers, but restoring a level playing field is a meaningful reset point from a trade perspective,” she said.

Finance Minister Nirmala Sitharaman reacted to India-US trade deal, saying, “Good news for #MadeInIndia products. They will now face a reduced tariff of 18%. Thanking the leadership of PM @narendramodi and @POTUS for this development. People of our two large democracies stand to benefit.”

Ajay Singh, Chairman and Managing Director, SpiceJet on the India-US Trade Deal., said, “The finalisation of the India-US trade deal is a watershed moment for our nation and a major boost for the ‘Made in India’ brand. I congratulate the Government of India on this historic achievement.”

“This landmark agreement is a testament to the inspiring and decisive leadership of Prime Minister Narendra Modi, who has navigated complex global challenges with confidence and determination while keeping the interests of India’s 1.4 billion citizens firmly at the forefront,” he said.

“Coming on the back of recent trade agreements with the EU and the UK, this deal reinforces India’s growing confidence and credibility on the global stage and lays the foundation for sustained growth and stronger international partnerships,” he added.

US Ambassador to India and Special Envoy to South and Central Asia, Sergio Gor posted on X, “As I have said many times, President Trump genuinely considers Prime Minister Modi a great friend! Thrilled by the news of the trade deal this evening. The relationship between the United States and India has LIMITLESS POTENTIAL!”

External Affairs Minister S Jaishankar welcomed the announcements on bilateral trade following the conversation between PM Modi and President Trump.

“This will create more jobs, spur growth and promote innovation in both economies. It will strengthen ‘Make in India’ endeavors and encourage trusted technology ties. The opportunities in our economic engagement are truly vast and we are confident of realizing them,” Jaishankar said.

“A robust economic relationship is the strongest foundation for our strategic partnership,” he said.

South Asia analyst Michael Kugelman on Monday (local time) said that the India-US agreement marks the "biggest victory" in bilateral relations between the two countries in nearly a year. He described the deal as a significant confidence-building measure after months of strained ties.

Speaking to ANI following the announcement, Kugelman said the agreement had been a long time coming, recalling that nearly a year had passed since US President Donald Trump hosted Prime Minister Narendra Modi at the White House and both leaders committed to pursuing a trade deal, adding that the relationship had faced multiple tensions in the months that followed.

Senior Advisor at the Center for Strategic and International Studies (CSIS), Richard Rossow, told news agency ANI, “It looks like both sides have agreed for the US to get better market access into India, including dropping non-tariff barriers, as President Trump mentioned, and also removing most of the tariffs that the US had placed on India...”

"What we don’t know is what other things were included. There’s also the agreement that India will buy $500 billion worth of American goods, but we don’t know the details of that or the time frame...," Rossow said.

On Indian purchase of Russian oil, he says, “The previous times the US pressured India about where it was buying hydrocarbons, most notably from Venezuela and Iran, India complied when the US presented a real threat...”

"From India’s perspective, the US is by far its most important export market in both goods and services... India got tariffs reduced in exchange for market access, which India has done with other trade partners. It’s a deal both leaders thought was worth finalising..."

Donald Trump's full statement on TRUTH social media:

“It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to “BUY AMERICAN,” at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!”

Prime Minister Narendra Modi offered US President Donald Trump a “big thanks” after the India-US trade deal was finalised. While Trump shared a few details of the deal, PM Modi confirmed only the 18% tariffs reduction claim in his social media post.

“Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” PM Modi posted on X.

He said, “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation.”

“President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights,” PM Modi added.