Deal announced Feb 2, excludes sensitive agri‑dairy items. The trade pact revealed on social media late night on February 2, 2026 will leave out agriculture and dairy products, Commerce Minister Piyush Goyal said on February 3, 2026 [2].
U.S. cuts reciprocal tariff to 18 % and drops penalty on Russian oil. Under the agreement Washington reduces its 25 % “reciprocal” tariff on Indian goods to 18 % and eliminates the additional 25 % penalty tariffs it had imposed for Russian‑oil imports [3].
Goyal touts benefits for labour‑intensive export sectors. He said the pact will protect agriculture and dairy while opening huge opportunities for textiles, apparel, plastics, home décor, leather, gems, chemicals, rubber, machinery and aircraft components [1].
Opposition’s parliamentary conduct forced a press briefing. Goyal blamed Rahul Gandhi‑led Congress, DMK, Trinamool and SP for “insulting” the Speaker, saying the government had to announce the deal outside the House instead of on the floor [5].
Trump claimed $500 bn of U.S. purchases; India plans five‑year rollout. In a Truth Social post the president said India would buy over $500 billion of U.S. energy, technology and other products; Indian officials clarified the figure will be spread over five years for data‑centre equipment, civil‑nuclear cooperation and advanced AI chips [1].
Deal in final‑stage detailing; full statement pending. Goyal said once the joint understanding is inked, the joint statement finalized and technical steps completed, full details will be released [1].