The steep cuts in tariff on Indian exports to the US, agreed on as part of the bilateral trade deal, will take effect ‘in the next 4-5 days’ on the signing of the joint statement between the two countries, Commerce and Industry Minister Piyush Goyal said Thursday. India will lower its tariffs for American goods after mid-March, he added. “On the basis of that joint statement, the first phase of this partnership will begin between the two of us (the US and India),” the minister said. Immediately after the statement, the additional tariffs on Indian exports to the US will be brought down to 18% from 50% through an Executive Order of US President Donald Trump. The US had imposed 50% tariffs – 25% reciprocal and 25% for buying Russian oil – through an order by the President.