India-US Trade Deal could Wipe Out Tariffs
January 15, 26
(IDEX Online) - India and the US are reportedly edging towards a trade deal that could wipe out the 50 per cent tariff on natural diamonds.
Sergio Gor, the new US ambassador to India, said both sides were actively engaged on trade deal negotiations during his trip to Delhi on January 12, 2026 - just days after arriving in India.
He noted the next negotiators' call was set for Tuesday (January 13), emphasized the genuine Trump-Modi friendship where "real friends resolve differences," and countered recent US claims blaming India for delays, which Delhi denied.
If an agreement is reached, the US is expected to radically reduce the reciprocal and punitive tariffs (initially 25 per cent, then increased to 50 per cent) currently in place. Diamonds could attract low or tariffs.
De Beers Group CEO Al Cook confirmed this outlook in Mumbai on 7 January. He said: "The good news is that the US has announced that once there's a deal, there will be a 0% tariff on natural diamonds. People do expect tariffs to end."
​Cook, speaking after meeting India's commerce minister Piyush Goyal, said the tariffs had nearly halved India's diamond exports to the US.
Pic shows Sergio Gor, the new US ambassador to India.