US tariff expiry restores MFN rates for Indian exports
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The 10% tariff imposed under Section 122 was allowed to expire on July 24, returning most Indian merchandise exports to US most-favoured-nation (MFN) tariff rates. The Global Trade Research Initiative estimates about 92% of India's $87.2 billion merchandise exports to the US will now attract only MFN tariffs, providing immediate tariff relief for those shipments. However, products covered by existing Section 232 national security tariffs, including steel, aluminium, certain copper products, automobiles and specified auto components, will continue to face additional duties. India and the US are negotiating a bilateral trade agreement that could affect future tariff certainty.
About 92% of India's $87.2 billion US exports face MFN tariffs
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