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)

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

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).

PRESIDENT LAUNCHES TRUMPRX.GOV WEBSITE OFFERING AMERICANS DISCOUNTED PRESCRIPTION DRUG PRICES: ‘HISTORIC’

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.

GET FOX BUSINESS ON THE GO

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.