- Feb 5, 2002
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US President Donald Trump announced that he agreed to a trade deal with India's Prime Minister Narendra Modi, where the US will lower tariffs on goods from India to 18% from 25%.
In a post on Truth Social, Trump said India will reduce trade barriers to zero and will also stop buying Russian oil. An additional 25% tariff penalty imposed for Delhi's refusal to stop buying oil from Russia will be dropped.
The announcement comes less than a week after India and the European Union announced a landmark trade deal that capped nearly two decades of on-off talks.
Modi said on X that he is "delighted" that an agreement with the US has been reached.
Continued below.
www.bbc.com
In a post on Truth Social, Trump said India will reduce trade barriers to zero and will also stop buying Russian oil. An additional 25% tariff penalty imposed for Delhi's refusal to stop buying oil from Russia will be dropped.
The announcement comes less than a week after India and the European Union announced a landmark trade deal that capped nearly two decades of on-off talks.
Modi said on X that he is "delighted" that an agreement with the US has been reached.
Continued below.
US agrees to drop tariffs after India stops Russian oil purchases
Tariffs will drop from 50% to 18% on Indian goods, while India has agreed to stop buying Russian oil.