US President Donald Trump said that he had reached an agreement with India’s Prime Minister Narendra Modi under which the US would reduce tariffs on Indian imports from 25% to 18%. In a post on Truth Social, Trump stated that India will eliminate trade obstacles and will no longer import Russian oil. An additional 25% tariff penalty imposed for Delhi’s unwillingness to stop purchasing oil from Russia would be lifted.
The declaration comes less than a week after India and the European Union reached a historic trade agreement that ended nearly two decades of on-and-off negotiations. Modi stated on X that he is “delighted” that a deal with the United States has been achieved.
Trump stated in a post that he discussed trade and the Russia-Ukraine war with Modi during a morning phone call.”He agreed to stop buying Russian oil and instead buy much more oil from the United States and, potentially, Venezuela,” Trump tweeted.
Trump claimed that, at Modi’s request, he instantly “agreed to a trade deal” that would see tariffs dropped and India’s tariffs and non-tariff barriers eliminated. In addition, Trump stated that Modi has pledged to purchasing more than $500 billion (£366 billion) in American goods such as energy, technology, agriculture, and coal.
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