ET Explainer: What will US tariff be now?

Following an agreement on a framework for an interim trade deal earlier this month, the US announced it will cut the reciprocal tariff on India to 18% and remove the additional 25% punitive tariffs. Currently, India's goods exports to the US are subject to 25% reciprocal tariff. The February 6 joint statement on the framework for an interim deal proposed lowering this rate to 18% but the change has yet to be implemented.