India Says 18% US Tariff Rate to Kick In After Joint Statement

India’s exports to the US will be subject to a reduced tariff rate of 18% once the two sides sign a joint statement, expected within the next four to five days, the country’s trade minister said, shedding more light on this week’s surprise agreement between the two nations.

While US President Donald Trump said in a post on Monday that the lower tariff rate — down from 50% since August — would be “effective immediately,” India’s Commerce Minister Piyush Goyal said on Thursday that it would be implemented only after the joint statement is signed and the US issues an executive order.