India, trade agreement
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By David Lawder and Aftab Ahmed WASHINGTON/NEW DELHI, Feb 2 (Reuters) - U.S. President Donald Trump on Monday announced a trade deal with India that slashes U.S. tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers.
In a post on Truth Social, Trump said the decision was taken out of friendship and respect for Prime Minister Modi and at his request.
US president had slapped India with a punitive 25% tariff for buying Russian oil on top of a 25% ‘reciprocal’ tariff.
India-US trade deal timeline: The India-US trade deal concluded after nearly a year of negotiations, reducing tariffs from 25% to 18%. PM Modi expressed gratitude over the pact and thanked US President Donald Trump ‘on behalf of the 1.