Donald Trump’s setback in the U.S. midterm elections could accelerate the conclusion of a U.S.-India trade deal before the December G20 summit. Negotiations are widely viewed as largely concluded, and Donald Trump and Narendra Modi could sign the agreement when they meet. In February, Trump announced a deal under which U.S. tariffs on Indian goods would fall to 18%, but the additional 25% tariff linked to India’s purchases of Russian oil remains under discussion. The return of foreign investors and the prospect of a trade agreement are reviving interest in India’s markets, with potential inflows of $115 billion according to JPMorgan.
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