Trump had slapped India with a punitive 25 percent tariff for buying Russian oil on top of a 25 percent ‘reciprocal’ tariff.
President Trump has agreed to reduce US tariffs on Indian goods from 50% to 18% in exchange for India lowering trade barriers and ceasing Russian oil purchases. Trump announced this trade deal after a call with Prime Minister Modi, who expressed gratitude on behalf of India. The agreement follows tense negotiations and comes as India is diversifying its oil imports, amid fluctuating purchases from Russia. The deal also aligns with India’s recent free trade agreement with the EU, enhancing trade prospects.
