Karnal, Feb. 4 -- Industrialists in Panipat's textile and handloom sector are celebrating the reduction in US reciprocal tariffs on Indian goods from 50% to 18%, following the finalisation of the India-US trade agreement. Exporters say the move has brought renewed hope to an industry that had been struggling for months under steep duties.

According to the Panipat Exporters Association, the city has more than 600 export-oriented units that together ship goods worth nearly Rs.18,000 crore annually to international markets. Exports had fallen by almost 20% after the US imposed a 50 per cent reciprocal tariff last year, severely impacting production and profitability.

Lalit Kumar Goel, chairman of the Handloom Export Promotion Council and p...