New Delhi, Feb. 3 -- US President Donald Trump's decision to cut tariffs on Indian goods from 50% to 18% augurs well for the country as it will boost exports, Finance Minister Nirmala Sitharaman said on Tuesday.

"So, actually our exports will pick up now, that is my expectation... along with having found new markets where they will continue to operate," she said in an interview with news agency PTI.

"It is a good augury for them (exporters)," Sitharaman added, as Trump said on Monday that he is slashing tariffs on India from 50% to 18% under a newly announced trade deal. He also claimed that the US is removing a separate 25% punitive tariff linked to India's purchases of Russian crude oil.

However, the reductions in duties come with st...