US President Donald Trump signed a trade deal with India on Monday during talks with the country's Prime Minister Narendra Modi.
With the agreement, the US is lowering its so-called punitive tariffs on Indian goods from 25 to 18 percent, and India aims to eliminate all tariffs on American products. Trump wrote on the social media Truth Social.
- For the sake of friendship and out of respect for Prime Minister Modi and - at his request - effective immediately, we agreed to a trade agreement between the United States and India, in which the United States will charge a reduced punitive tariff, lowered from 25 percent to 18 percent.
- They will similarly work towards reducing their tariffs and non-tariff barriers to trade with the United States to zero, Trump writes.
Modi confirms the agreement on the social media X.
- When two major economies and the world's largest democracies work together, it benefits our people and opens up enormous opportunities for mutually beneficial cooperation, the Indian Prime Minister writes.
India will stop oil purchases from Russia
At the same time, Narendra Modi - according to Trump - has promised that India will stop buying oil from Russia and instead buy more oil from the United States and potentially from Venezuela, if oil reserves Trump plans to exploit after the US capture of then-President Nicolas Maduro in January.
- He agreed to stop buying Russian oil and buy much more from the US and potentially Venezuela, Trump writes about Modi.
- It will help stop the war in Ukraine, which is going on right now with thousands of people dying every week!
The trade deal has been signed, barely a week after India and Prime Minister Modi signed a comprehensive trade deal with the EU, and a few weeks after the EU signed a trade deal with a number of major South American economies.
After Trump was inaugurated as president last year, he imposed significantly increased tariffs on goods from abroad - including EU countries and India. The tariffs have been adjusted continuously, but have generally caused unrest in global markets.
/ritzau/
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