EXCLUSIVE-India eyes tariff cut on US$23bil of US imports, to shield US$66bil in exports, sources say

Even though Modi was among the first leaders to congratulate Trump on his election victory, the US president has continued to call India a “tariff abuser”. - Photo: Reuters

NEW DELHI: India is open to cutting tariffs on more than half of US imports worth US$23 billion in the first phase of a trade deal the two nations are negotiating, two government sources said, the biggest cut in years, aimed at fending off reciprocal tariffs.

The South Asian nation wants to mitigate the impact of US President Donald Trump's reciprocal worldwide tariffs set to take effect from April 2, a threat that has disrupted markets and sent policymakers scrambling, even among Western allies.