India, Feb. 7 -- India and the United States have announced an interim trade deal, releasing a framework that slashes tariffs, resets energy cooperation and strengthens economic ties as the two sides seek to adjust global supply chains.

The interim deal is expected to open up a USD 30 trillion market for Indian exporters, particularly MSMEs, farmers and fishermen. Under the arrangement, US tariffs on Indian products will be reduced to 18 per cent from the earlier 50 per cent. Follow live updates here.

India, in turn, will scrap or lower duties on all US industrial goods and on a broad range of American food and farm products. These include dried distillers' grains, red sorghum used for animal feed, tree nuts, fresh and processed fruit, ...