“Big win for India-US partnership”: NSE CEO, HDFC AMC MD on trade deal
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Industry bodies and business leaders on Tuesday welcomed the finalisation of the India-US trade deal, saying the sharp reduction in tariffs to 18% would enhance the global competitiveness of Indian exports and significantly expand market access in the world’s largest economy.
Ashish Chauhan, Chief Executive Officer of the National Stock Exchange of India, described the development as a major positive for global trade. “Welcome move for global trade! Congratulations! After today evening’s talks between the US President Mr @realDonaldTrump and the Indian Prime Minister Shri @narendramodi , tariffs on Indian goods coming down sharply from 50% to 18% with immediate effect. A big win for businesses, supply chains, and the India–US partnership. Kudos to the teams involved in bringing this historic deal to a close,” Chauhan said in a social media post, congratulating the teams involved in concluding what he termed a historic deal.
Navneet Munot, Managing Director and CEO of HDFC Asset Management Company, also lauded the agreement, calling it a timely boost for the economy. “Kudos to our leadership for a successful India-US trade deal anchored in mutual respect, strategic autonomy and a shared objective of global stability and prosperity. This is wonderful news, coming on the back of a pragmatic, growth-oriented Budget and a series of reforms,” Munot said.
Immediate relief to exporters
The agreement, announced late Monday night, provides immediate relief to exporters who had been grappling with elevated tariff barriers in the US market. Under the deal, American tariffs on Indian goods have been reduced sharply, a move that industry leaders said would strengthen supply chains and deepen bilateral economic ties.
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US President Donald Trump was the first to announce the deal on his social media platform Truth Social. The development was later confirmed by Prime Minister Narendra Modi following a high-level phone call with the US President. “Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18 per cent. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” Modi said.
The announcement is particularly significant for labour-intensive sectors such as textiles, apparel, leather and marine products, which had been struggling to export to the US due to steep tariffs of up to 50%.
According to Commerce Ministry data, India’s merchandise exports to the US declined 1.83% to $6.88 billion in December 2025 amid high tariffs. Exports had also contracted in September and October, though they rebounded with a 22.61% rise in November. Imports from the US grew 7.57% to $4.03 billion in December.
During the April–December period of the current fiscal year, India’s exports to the US increased 9.75% to $65.87 billion while imports rose 12.85% to $39.43 billion, highlighting the growing scale of bilateral trade.