India's exports to get boost with US cutting tariff: FM Nirmala Sitharaman
New Delhi (PTI): US President Donald Trump's decision to slash tariffs on Indian goods to 18 per cent augurs well for the country as it will boost exports, Finance Minister Nirmala Sitharaman said Tuesday.
"So, actually our exports will pick up now, that is my expectation... along with having found new markets where they will continue to operate," she said in an interview to PTI Videos.
"It is a good augury for them (exporters)," Sitharaman said.
Trump's steep 50 per cent tariffs last year dented Indian exports by raising landed costs, squeezing exporter margins, and eroding competitiveness in the American market. Sectors such as steel, aluminium, textiles, engineering goods and some agricultural products were hit as higher duties led US buyers to shift orders to alternative suppliers.
On Monday, Trump agreed to slash US tariffs on Indian goods to 18 per cent from 50 per cent in exchange for India lowering trade barriers as well as stopping its purchases of Russian oil and instead buying oil from the US and potentially Venezuela.
On implementation, the deal would bring tariffs on India in line with most other Asian countries of around 15-19 per cent.
Sitharaman said while the details of the agreement will be announced soon, the cut in tariffs is a "good auguring" for exporters.
Taken together with the new markets exporters had tapped after becoming uncompetitive in the US, the "exports will pick up now," she said.
Earlier punitive US tariffs caused India's bilateral trade surplus with the US to shrink by USD 2.5 billion each month on average in September-December 2025 (versus the monthly average in January-August 2025), according to HSBC Global Investment Research.
There have also been USD 14 billion of equity outflows by foreign investors since July 2025 amid weak sentiment.
The new 18 per cent levy undercuts tariffs on key regional competitors such as Vietnam and Bangladesh, both facing duties of 20 per cent, restoring India's price advantage in the US market. The move offers significant relief to a broad range of labour-intensive exports, including apparel, footwear and jewellery makers, which had been hit by punitive 50 per cent tariffs imposed in August, sharply denting competitiveness and order flows.
Earlier in the day, Sitharaman had in a post on X called the tariff reduction announcement "Good news for #MadeInIndia products. They will now face reduced tariff of 18%."
Trump's announcement via a social media post late Monday night is part of a general agreement under which India has apparently agreed to stop buying Russian oil, reduce "their tariffs and non-tariff barriers against the United States to zero", and India buying an incremental USD 500 billion of "US energy, technology, agricultural, coal, and many other products" over the next five years.
The commitment to stop buying Russian oil nullifies the additional 25 per cent punitive tariff previously levied, and thereby reduces the effective applied tariff on Indian exports to the US to 18 per cent from 50 per cent.
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3 Indians arrested in Canada for shooting outside home
Ottawa (PTI): Three Indian nationals have been arrested by Canadian police on an anti-extortion patrol and charged after bullets were fired at a home.
Harjot Singh (21), Taranveer Singh (19) and Dayajeet Singh Billing (21) face one count each of discharging a firearm, and all have been remanded in custody until Thursday, the Surrey Police Service (SPS) said in a statement on Monday.
The suspects were arrested by patrol officers after an early morning report of shots fired and a small fire outside a home in Surrey's Crescent Beach neighbourhood, the LakelandToday reported.
On February 1, 2026, the SPS members were patrolling in Surrey’s Crescent Beach neighbourhood when reports came in of shots being fired and a small fire outside a residence near Crescent Road and 132 Street.
The three accused were arrested by SPS officers a short time later, the statement said.
SPS’s Major Crime Section took over the investigation, and the three men have now been charged with Criminal Code offences, it said.
All three have been charged with one count each of discharging a firearm into a place contrary to section 244.2(1)(a) of the Criminal Code.
The investigation is ongoing, and additional charges may be forthcoming. All three have been remanded in custody until February 5, 2026.
The SPS has confirmed they are all foreign nationals and has engaged the Canada Border Services Agency, it said.
One of the suspects suffered injuries, including two black eyes, the media report said.
Surrey police Staff Sgt. Lindsey Houghton said on Monday that the suspect had refused to comply with instructions to get out of the ride-share vehicle and started to "actively resist."
"As we were trained, he was taken to the ground and safely handcuffed," said Houghton.
A second suspect with a black eye was also injured in the arrest after refusing to comply, Houghton said.
The arresting officers were part of Project Assurance, an initiative that patrols neighbourhoods that have been targeted by extortion violence.
Houghton said the Canada Border Services Agency (CBSA) is also involved because the men are foreign nationals, and the trio may face additional charges.
It's not clear if the men are in the country on tourist visas, a study permit, or a work permit, but Houghton said CBSA has started its own investigation into the men's status.
Surrey has seen a number of shootings at homes and businesses over the last several months, but there's been an escalation since the new year.
