New Delhi: Ending months of uncertainty, India and the US early Saturday announced the finalization of the first tranche of a trade deal under which Washington will reduce “reciprocating tariffs” on Indian exports to 18% in the next few days and New Delhi will reduce duties on several US imports.The India-US joint statement came with US President Donald Trump eliminating the 25% penalty on Indian exports for Russian oil purchases, a move that overnight makes Indian-made products competitive in the US market, including in the high seas. Textiles, leather and footwear and marine products, labour-intensive sectors with significant MSME presence, are expected to be big beneficiaries as they were facing strong headwinds due to the 50% additional tariff penalty, which will now be reduced to 18% from the product-specific or MFN tariffs applicable to all countries.Commerce and Industry Minister Piyush Goyal told reporters that India had opted for a calibrated opening, allowing US imports in sectors where the requirements were, while protecting sensitivities in key sectors such as agricultural and dairy products, including cereals, maize, sugar, soybean, genetically modified (GM) food products and fuel ethanol.While sensitive agricultural goods were a sticking point, India has sought to work out an arrangement where products like apples and cotton long staple fiber would enter India at lower duties, but in specified quantities. Import duties will be cut for pistachios, walnuts, almonds, soybean oil and some pulses, wine and whiskey as well as dry distillers’ grains and red sorghum for animal feed. In return, many Indian food products including bananas, guavas, spices, tea, coffee and processed foods will also get zero duty access to the US.