Ralph Lauren, Walmart Suppliers Among Winners in India-US Deal

Footwear manufacturers and apparel exporters emerged as major winners in the joint framework for an interim trade deal between the US and India, a development that will alleviate uncertainty for financial markets.

Under the new outline unveiled this week, US President Donald Trump agreed to lower tariffs on Indian goods to an effective rate of 18% from 50%. In return, India pledged to buy $500 billion of American products and eliminate trade barriers on some US goods, including agriculture, manufactured items, chemicals and medical devices. More details of the agreement were released on Friday after an executive order signed by Trump.