United States President Donald Trump announced on Monday that he has agreed to a new trade deal with India including a significant reduction in tariffs between the two countries.In a post on his social media platform Truth Social Trump said he spoke with Indian Prime Minister Narendra Modi about strengthening economic ties and addressing global issues.
Under the agreement the United States will reduce reciprocal tariffs on Indian imports from 25 % to 18 %, effective immediately.Trump said India will also work to reduce its own tariffs and non tariff barriers on US goods to zero and commit to higher levels of Buy American purchases including energy technology agriculture coal and other US products worth more than $500 billion.
The US president wrote that Modi agreed to stop buying Russian oil and increase purchases from the United States and possibly Venezuela a move he said could help reduce funding for Russia’s war in Ukraine.
Trump described his relationship with Modi as strong and said the trade deal would further deepen US India economic cooperation. While the announcement was made via social media official statements from both governments are still awaited.
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