US President Donald Trump on Monday announced a trade deal with India that significantly lowers American tariffs on Indian imports from 50% to 18%. In return, India is expected to cease its purchases of Russian oil and reduce other trade restrictions.
The US President revealed the deal via social media after speaking with Prime Minister Narendra Modi, highlighting that India will now source oil from the United States and potentially Venezuela.
тАЬOut of friendship and respect for Prime Minister Modi, and at his request, we have reached a Trade Deal between the United States and India, which will lower the Reciprocal Tariff from 25% to 18%, effective immediately,тАЭ Trump shared on his Truth Social platform.
He further stated that PM Modi has pledged to increase India’s procurement of American goods substantially, including over $500 billion in U.S. energy products such as coal, as well as technology and agricultural items.
тАЬIndia will also take steps to eliminate their Tariffs and Non-Tariff Barriers against the United States entirely,тАЭ Trump added.
