Washington and New Delhi have reached a trade deal and will immediately move to lower tariffs on each other’s goods, US President Donald Trump said on Monday.
On his part, Indian Prime Minister Narendra Modi agreed to buy US-made products “at a much higher level” as part of the agreement, the US president said in a Truth Social post following a telephone call with the Indian leader.
Media reports also have Modi as promising to “stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela,” Trump said in the post.
In August, the US administration imposed a 25% tariff on India in response to purchases of Russia oil — on top of the 25% “reciprocal” tax on Indian imports to the US.
Donald Trump’s full announcement:
