India, Feb. 4 -- US President Donald Trump and Prime Minister Narendra Modi took a major step to reset India-US ties with the announcement of a trade deal on Monday. Under the deal, the US agreed to reduce India's effective tariff rate to 18% from 50%, rolling back the reciprocal tariffs and penalties imposed earlier in response to India's purchases of Russian oil. Here's how analysts reacted to the announcement: We estimate the effective, trade-weighted tariff rate on Indian exports will fall to 16.3% from 35.7% currently (assuming section 232 tariffs and present exemptions stay as is). We believe the most beaten-down sectors under the 50% tariff threat - gems and jewellery, textiles and apparels, leather and footwear, marine exports - are...