India, Feb. 22 -- The proposed 18% reciprocal tariff on Indian goods in the US market - announced earlier this month - may no longer be relevant after the US Supreme Court's verdict, but both partners are committed to formalising a "mutually beneficial" interim trade deal in the spirit of the India-US joint statement while factoring in the changed material situation, people aware of the development said.

For India, the existing reciprocal tariff of 25% would come down to 15%, instead of 18% (as agreed upon in a February 7 joint statement), after the US Supreme Court struck down the legal basis for the higher levy. Trump on Saturday announced a 15% tariff on all trading partners, up from 10% that he imposed less than 24 hours earlier afte...