US President Trump Says Indian PM Modi Agreed to Halt Russian Oil — Tariffs Cut to 18%
President Trump confirmed a new U.S.-India trade deal reducing tariffs and securing a $500 billion pledge in U.S. goods purchases, alongside India halting Russian oil imports.
Summary
On Feb. 3, U.S. President Donald Trump announced a trade agreement with Indian Prime Minister Narendra Modi under which tariffs on Indian goods to the U.S. will drop from 50% to 18%. In return, India committed to lowering trade barriers, ceasing Russian oil purchases, and buying over $500 billion worth of U.S. goods. The specific timing and product list for these purchases remain undisclosed. The deal also aims to strengthen bilateral trade ties and reshape India's energy import strategy away from Russian supplies.
Terms & Concepts
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