The agreement followed a proposal from US President Joe Biden for at least a 15% rate, an initiative that propelled the talks toward meeting a deadline for a deal by the middle of this year.
India currently has the lowest corporate tax rate of 15 per cent for new manufacturing companies.
President Donald Trump will look to reset his term with his first State of the Union address, arguing that his tax cut and economic policies will benefit all Americans.
A Chinese credit ratings firm has downgraded US debt, citing the political "deficiencies" and "factional rivalries" of the United States.
The president is coming off a late-2017 high, when he managed to ram his massive tax cut plan through Congress.