The commerce cope with the USA, introduced by U.S. President Donald Trump and Prime Minister Narendra Modi on social media late Monday (February 2, 2026) evening, will exclude delicate agricultural gadgets and dairy, Commerce Minister Piyush Goyal stated on Tuesday (February 3, 2026), including that the small print of the deal could be made public “quickly”.
Below the deal, the U.S. has agreed to decrease its 25% ‘reciprocal’ tariffs on India to 18% and completely take away the extra ‘penalty’ tariffs of 25% it had imposed on India for its import of Russian oil.
India-U.S. commerce deal updates
“Finest deal”
“The commerce deal finalised by India with the U.S. is one of the best amongst India’s neighbours and its rivals,” Mr. Goyal asserted whereas talking at a press briefing. “PM Modi has at all times protected the agriculture and dairy sectors and has by no means compromised on their pursuits. Within the U.S. commerce deal as properly, India’s delicate sectors of agriculture and dairy have been excluded,” he stated.
Past this, Mr. Goyal didn’t specify another particulars of what India had conceded to the U.S. Nor did he handle Mr. Trump’s claims that India would cease shopping for Russian oil, improve oil purchases from Venezuela, and improve general purchases from the U.S.
Blame on Opposition
He additionally attacked Lok Sabha Opposition Chief Rahul Gandhi, the Congress, and its allies, saying it was due to their actions in Parliament on Monday (February 3, 2026) that he was conveying the knowledge on the commerce deal by way of a press convention and never on the ground of the Home.
“Ordinarily, we might have needed to talk in Parliament about this,” he stated. “However, as you all noticed, the best way the Opposition, particularly the Rahul Gandhi-led Congress occasion and their allies, the DMK, the Trinamool Congress, and the SP, behaved in Parliament, reaching the Speaker’s dias and insulting him, we’ve got needed to converse earlier than you outdoors the Home.”
Additionally learn: On mute: On the U.S., geopolitical turmoil, India’s response
Closing phases being labored on
Mr. Goyal stated that the deal was within the “remaining phases of detailing” between the negotiating groups of the 2 nations.
“As quickly as the ultimate understanding of the deal is inked, the joint assertion is finalised, and technical processes are accomplished, full particulars shall be shared,” the Minister stated.
Impression of tariffs
In a uncommon public admission, Mr.Goyal acknowledged the impression of the U.S. tariffs on a number of sectors.
“Our farmers and exporters have been all affected by the 50% tariffs,” he stated, including, “Our marine exporters have been going through difficulties. The textile sector had additionally been going through the necessity for diminished tariffs. This can be a deal that can defend the pursuits of each Indian and supply large alternatives for all of the individuals of India, and can defend the delicate sectors, together with agriculture and dairy.” Mr. Goyal stated, “It should open up large alternatives for our labour-intensive export sectors reminiscent of textiles, attire, plastics, house decor, leather-based and footwear, gems and jewelry, natural chemical compounds, rubber items, equipment, and plane parts.”
Trump’s assertions
Mr. Goyal additionally sought to handle questions from the Opposition as to why the deal was first introduced by Mr. Trump. “The reciprocal tariff was set by the U.S., and so they have been those who needed to cut back tariffs, so once they did cut back it to 18%, that information would clearly come from the U.S,” he defined.
In his publish on Fact Social, Mr. Trump additionally made a number of assertions about what Mr. Modi had allegedly agreed to on India’s behalf. Considered one of these was that India would purchase “over $500 billion {dollars} [sic] price of U.S. power, know-how, agricultural, coal, and lots of different merchandise”.
In line with sources within the Indian Authorities, the $500 billion price of purchases is to be unfold over 5 years from when the deal comes into impact, and is an indication of “India’s intent to import” tools for information centres, improve civil nuclear cooperation, and improve the imports of superior AI chips.
Printed – February 03, 2026 09:09 pm IST
