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Under the terms of the deal that was laid out in a joint statement from both countries released on Saturday, India will “eliminate or reduce tariffs on all U.S. industrial goods” and other food and agricultural products.googletag.cmd.push(function() { googletag.display('div-gpt-ad-1499653692894-0'); });

Meanwhile, the U.S. will apply a reciprocal tariff rate of 18% on goods from India, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, and certain machinery, the joint statement added.

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