The agreement will expand market opportunities for US suppliers
On June 22, 2023, the United States and the Republic of India announced an agreement to terminate six outstanding trade disputes. The agreement includes the removal of retaliatory tariffs, which India had imposed in response to the US Section 232 national security measures on steel and aluminum, on certain US products including almonds and walnuts. The announcement came as US President Joe Biden welcomed Indian Prime Minister Narendra Modi to the United States for an official state visit.
The retaliatory tariffs, which had been in force since June 2019, affected in-shell walnuts and in-shell and shelled almonds, among other US-origin products.
| Description | Tariff Rates under Retaliatory Tariffs | New Tariff Rates |
| In-shell walnuts | 120% | 100% |
| Shelled walnuts | 100% | 100% |
| In-shell almonds | Rs. 42/kg | Rs. 35/kg |
| Shelled almonds | Rs. 120/kg | Rs. 100/kg |
The elimination of these tariffs is expected to restore and expand market opportunities for US agricultural producers and manufacturers.
In line with the close partnership highlighted by the official state visit of Prime Minister Modi, the agreement opens a new chapter of bilateral cooperation that is expected to deepen and diversify the trade relationship between the United States and India.