US President Donald Trump announced that he agreed to a trade deal with India's Prime Minister Narendra Modi, where the US will lower tariffs on goods from India to 18% from 25%. In a post on Truth Social, Trump stated that India will reduce trade barriers to zero and cease its purchases of Russian oil, effectively eliminating a 25% tariff imposed due to its previous oil dealings. The announcement comes after India recently solidified a trade agreement with the European Union. Modi expressed his delight on X about the US-India deal, emphasizing the enormous potential for both nations when they collaborate. In addition, Trump asserted that India will commit to purchasing over $500 billion worth of American goods, ranging from energy to technology and agriculture. This agreement represents a significant milestone in the US-India trade relationship, which had been strained by previous high tariff rates imposed by the US.
US and India Forge Trade Agreement in Trump-Modi Call
US and India Forge Trade Agreement in Trump-Modi Call
After a phone conversation between US President Trump and India's PM Modi, a significant trade deal is on the table, set to reshape economic relations between the two countries.
In a recent social media update, Donald Trump announced a breakthrough trade agreement with India's Prime Minister Modi. The deal includes a reduction of tariffs on US goods from 25% to 18% and a commitment by India to stop purchasing Russian oil. Modi has expressed excitement about the agreement, underlining the mutual benefits of collaboration between the US and India’s vast economies.
