India-US Trade Deal Gives Exports a Competitive Edge; ICICI Sees Boost for Textiles, Engineering and INR

India’s exports to the United States are expected to gain a meaningful competitive edge following the reduction in tariffs to 18% under the interim India-US trade framework, according to an ICICI Bank Global Markets report dated February 3, 2026. The report notes that the tariff cut reverses the pressure created by the earlier 50% levy, which had impacted nearly 66% of India’s exports to the US, or about $57 billion worth of goods. India’s goods exports to the US currently stand at approximately $86.7 billion, while imports from the US are around $45.3 billion, making the US India’s largest export…