The U.S. and India have reached an interim trade deal that would lower tariffs on both countries, a joint statement Friday revealed.

“The Interim Agreement between the United States and India will represent a historic milestone in our countries’ partnership, demonstrating a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes,” the statement said.

U.S. Trade Ambassador Jamieson Greer lauded President Donald Trump’s “dealmaking” for the agreement, saying it “is unlocking one of the largest economies in the world for American workers and producers, lowering tariffs for all U.S. industrial goods and a wide array of agricultural products.”

He added that Friday’s announcement “demonstrates the deepening ties between the United States and India as we create new opportunities for farmers and entrepreneurs in both countries. I thank Indian Minister of Commerce and Industry Goyal for his leadership and commitment to achieve fair and balanced trade with the United States.”

US, ARGENTINA STRIKE SWEEPING TRADE DEAL CUTTING TARIFFS, OPENING MARKETS TO US EXPORTS

President Donald Trump and Indian Prime Minister Narendra Modi shake hands before their meeting at Hyderabad House, Feb. 25, 2020, in New Delhi, India. (AP Photo/Alex Brandon, file) (AP Photo/Alex Brandon, file / AP Newsroom)

This comes after Trump said on Monday that the U.S. and India had agreed to the trade deal following his phone call with Indian Prime Minister Narendra Modi.

Under the terms of the deal, India will “eliminate or reduce tariffs on all U.S. industrial goods” along with other food and agricultural products like animal feed, tree nuts and fruit.

In return, the U.S. will apply a reciprocal tariff rate of 18% on goods from India, including “textile and apparel, leather and footwear, plastic and rubber, organic chemicals, home décor, artisanal products, and certain machinery.”

CHARLES PAYNE UNPACKS THE ‘GUT PUNCH’ OF TRUMP’S DEAL WITH INDIA

A billboard in Ahmedabad, India, in 2020 of President Trump, the first lady and Indian Prime Minister Narendra Modi.  (Reuters/Amit Dave / Reuters)

At the successful conclusion of the interim agreement, the U.S. will also remove reciprocal tariffs on other products, “including generic pharmaceuticals, gems and diamonds, and aircraft parts,” according to the joint statement.

The former 50% tariff on Indian goods was cut in exchange for India halting Russian oil purchases and lowering trade barriers.

A general view of the Deendayal Port in Kandla, in the western state of Gujarat, India.  (Reuters/Amit Dave / Reuters)

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The agreement adds that “India intends to purchase $500 billion of U.S. energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next 5 years.”

A formal trade agreement between the two countries is expected in March.

President Donald Trump on Friday signed an executive order temporarily expanding the amount of beef the U.S. can import from Argentina, a move the White House says is aimed at lowering prices but that the nation’s largest cattle industry group disputes.

The proclamation increases the in-quota tariff-rate quota for lean beef trimmings by 80,000 metric tons for calendar year 2026. The additional imports will be allocated entirely to Argentina and released in four quarterly tranches beginning Feb. 13.

The White House said the action is intended to boost supply and make ground beef more affordable for American consumers in a fact sheet on the order.

According to the proclamation, the Trump administration is acting in response to historically high beef prices and a prolonged decrease in the U.S. cattle herd.

US, ARGENTINA STRIKE SWEEPING TRADE DEAL CUTTING TARIFFS, OPENING MARKETS TO US EXPORTS

Packages of meat at a supermarket in Houston (Ronald Schemidt/AFP via Getty Images / Getty Images)

“Since January 2021, ground beef prices have continued to rise, reaching an average of $6.69 per pound in December 2025, according to the Bureau of Labor Statistics — the highest since the Department of Labor started tracking beef prices in the 1980s,” the proclamation states.

The announcement drew pushback from the nation’s largest cattle industry group, which questioned whether increased imports would deliver the price relief the administration is promising.

“While we fundamentally disagree with the premise that increased imports can lower beef prices, NCBA is encouraged to see the Trump administration take necessary steps to address longstanding market-access challenges for U.S. beef in Argentina,” said Kent Bacus, executive director of international trade and market access at the National Cattlemen’s Beef Association (NCBA).

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Livestock in corrals in Canuelas, Buenos Aires, Argentina (Agustin Marcarian/Reuters / Reuters Photos)

Bacus warned that Argentina’s history with foreign animal diseases raises concerns about expanding imports without stronger safeguards.

“Given Argentina’s issues with foreign animal diseases, NCBA remains concerned that expanding imports from Argentina without increased inspection protocols and up-to-date audits could place American consumers and our cattle herd at unnecessary risk,” Bacus said.

The order applies only to lean beef trimmings, which are primarily used in the production of ground beef. Imported lean trimmings are commonly blended with fattier domestic trimmings to produce ground beef products like hamburgers.

Under the proclamation, the additional 80,000 metric tons will be administered on a first-come, first-served basis in four equal tranches of 20,000 metric tons. The first tranche will open Feb. 13 and close March 31, followed by quarterly openings through the end of 2026.

BEEF PRICES SOAR AS AMERICAN FAMILIES PAY STEEP PRICES FOR STEAKS AND BURGERS NATIONWIDE

A butcher carries slabs of beef in a Miami grocery store. (Joe Raedle/Getty Images / Getty Images)

The White House framed the action as temporary and tied to current supply conditions rather than a permanent shift in American trade policy.

The proclamation outlines several factors contributing to the tight beef supply, including persistent drought conditions in major cattle-producing states such as Texas and Kansas and wildfires that have damaged grazing land and feed supplies across the western U.S.

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The Trump administration said the decision to allocate the entire increase to Argentina aligns with an existing U.S.–Argentina trade framework agreement reached in November 2025. A White House official told FOX Business earlier this week that the executive order implements commitments already considered under that framework.

The White House referred FOX Business to a fact sheet upon request for further comment.

FOX Business’ Edward Lawrence contributed to this reporting.

The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1211 ET – U.S. housing supply continued to grow this January, Realtor.com says, but the recovery lost momentum as inventory moved further away from pre-pandemic norms. These trends signal renewed supply constraints even as prices remained largely flat nationwide. Active listings increased 10% year-over-year. extending a streak of inventory gains to 27 consecutive months. However, growth has slowed for nine straight months as seasonal trends and market momentum reverse much of the progress made in 2025. As a result, Realtor.com says the national housing supply is now 17.2% below typical 2017-2019 levels, the widest gap since last spring, with 30 of the 50 largest U.S. metros regressing relative to pre-pandemic inventory levels since May. “After meaningful inventory gains last year, the recovery has lost steam,” says Danielle Hale, Realtor.com’s chief economist, in the company’s monthly housing report. (chris.wack@wsj.com)

1143 ET – The typical home that went under contract in Austin in December spent 106 days on the market, Redfin says. That’s up from 91 days a year earlier. Nationwide, the typical home that went under contract in December did so in 60 days, up from 54 days a year earlier. Austin was the slowest market among the 50 most populous metropolitan areas, followed by San Antonio and Fort Lauderdale. Austin’s slowdown marks a sharp reversal from recent years, when it often held the title of “hottest” housing market, Redfin says. Austin’s median home sale price dropped 4.2% year over year in December—the third largest decline among the top 50 metros. Many sellers are taking losses, according to Redfin. Housing markets across Texas and Florida have also slowed in recent years due to a homebuilding boom. (chris.wack@wsj.com)

0856 ET – BNP Paribas’s revenue trends and efficiency will be key factors in determining whether the French bank can deliver on its higher earnings ambitions, J.P. Morgan’s Delphine Lee says in a research note. The lender reported a better-than-expected net profit for the fourth quarter and raised its 2028 profitability target, the analyst says. Nevertheless, this is likely to result in only minor upgrades to consensus estimates at this stage, she adds. Shares in BNP don’t discount its 2028 profitability target, which suggests the stock could go higher as the bank reassures as the bank reassures on capital and improves profitability over time, according to JPM. Shares rise 1.9% to 92.61 euros. (adria.calatayud@wsj.com)

Unknown Executive

Let me start the explanation meeting. My name is Hiraoka from Public Relations Department of KDDI. I serve as MC. Today’s meeting, as is disclosed on a timely basis to present preliminary results of the third quarter of the year ending in March 2026 of KDDI. Today’s presentation is being distributed on YouTube and other media in addition to the on-site. And we have put up three related materials on the KDDI website. Please refer to the materials at hand. This is the message for the people in the outside audience.

Today’s attendees are as follows: Hiromichi Matsuda, President, Representative Director, CEO; Senior Managing Executive Officer, CFO, Executive Director, Corporate Sector, Nanae Saishoji; Managing Executive Officer, Director, CSO and CDO, Executive Director, Corporate Strategy Division, Tomohiko Katsuki; Executive Officer, Executive Director, Corporate Management Division, Corporate Sector, Kenji Aketa. These four are in attendance.

President Matsuda, please.

Hiromichi Matsuda
President, CEO, Exe. Director of Corporate & Marketing Comm. Sector and Representative Director

Thank you very much for gathering here today despite your busy schedules. First and foremost, we sincerely apologize for the significant inconvenience and concern caused to our customers, business partners, shareholders, investors and many other stakeholders, including our employees due to the suspected improper transactions at our subsidiary. We recognize this matter as a serious issue that could potentially undermine the trust in the entire KDDI Group. As the top management, I feel a profound sense of responsibility for the occurrence of this matter and

By Jennifer Nash

Consumer sentiment rose for a third straight month in January, reaching its highest level since August. The Michigan Consumer Sentiment Index inched up 0.9 points (1.6%) to 57.3 this month, performing slightly better than the forecasted 55.0. However, this