The United States will cut tariffs on Indian goods to 18% under a new trade deal, and India agreed to stop buying Russian oil.
According to Reuters, the new trade deal was announced on Monday, Feb 2, by President Donald Trump after a phone call between Trump and Prime Minister Narendra Modi.
Trump said India will buy more oil from the U.S. and possibly Venezuela, along with more American energy, farm and technology products, though no timeline was given for these changes.
Modi welcomed the announcement, saying lower tariffs would strengthen trade ties and create new opportunities for Indian businesses.
Trump had raised tariffs on Indian imports to 50% last August to pressure New Delhi over its Russian oil purchases and said earlier this month the rate could rise further if imports continued.
