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 president of the Panipat Exporters Association, said the US remains the single largest market for Panipat's home furnishing industry. "There is hardly any exporter here who does not deal with the US. Nearly half of our total exports go to the American market, while the rest are sent to countries such as Japan, the UK, West Asia, South Korea and Australia," he said. "Since the deal was announced on Monday night, industrialists have been exchanging congratulatory messages and calls. This agreement has brought cheer to Panipat, especially for an industry that was almost at a standstill. The recent pact with the European Union had raised some expectations, but the US is our biggest market and this deal means a lot to us," Goel added. Referring to the losses suffered during the high-tariff period, Goel said exporters incurred losses estimated between Rs.3,000 crore and Rs.4,000 crore. "Large volumes of ordered stock had to be sold at heavy discounts or diverted to other countries at lower prices," he said. Panipat Exporters Association general secretary Vibhu Paliwal said many small and medium units that depended solely on the US market were pushed to the brink of closure. "We waited for a long time for this agreement. Several units were running at losses, but we stood by the government. With the EU pact and now the US deal, we are confident that the lost momentum of the industry will return," he said. Haryana chief minister Nayab Singh Saini also welcomed the India-US trade agreement. In a post on X early Tuesday, he said the agreement reflects growing global confidence in India's economic growth story....