US President Donald Trump said he has reached a trade agreement with India that would include a cut in tariffs to 18 percent and see India stop buying Russian oil.
Trump had initially imposed a 25 percent tariff on Indian goods, and later added an additional 25 percent because of India's purchase of Russian oil, for an effective 50 percent rate. That additional tariff has now been dropped, and the 25 percent tariff has been reduced to 18 percent.
India had also agreed to lower trade barriers, and to buy US or Venezuelan oil, Trump said on a post on Truth Social.
Indian Prime Minister Narendra Modi responded on X that he was "delighted" by the tariff reduction and that Trump's "leadership is vital for global peace, stability, and prosperity."
"I look forward to working closely with him to take our partnership to unprecedented heights," Modi said.
Trump said that India would also start to reduce its import taxes on US goods to zero and buy $500 billion worth of American products, AP reported.
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