India-US trade deal seen advancing economic ties

India's Ambassador to the United States Vinay Mohan Kwatra hailed an India US trade announcement as a big win, saying it opens vast opportunities for both economies. The move drew attention from economist Steve Hanke, who noted that India is reducing import taxes on equipment for critical minerals and lithium ion battery cells to reduce reliance on China. Industry group USISPF welcomed President Donald Trump's announcement after his call with Prime Minister Narendra Modi, citing a drop in India's reciprocal tariff to 18 percent and momentum toward a broader bilateral trade agreement, with details and further phases still ahead.