U.S. President Donald Trump announced that he had reached a trade agreement with Indian Prime Minister Narendra Modi, according to his own statement. In the conversation, Modi agreed to halt purchases of Russian oil and instead increase imports from the United States, and possibly Venezuela, a move Trump said would help end the war in Ukraine.
Under the new deal, the United States will lower its tariff on Indian imports to 18 % from the current 25 %. In return, Modi pledged that India would abolish its tariffs and non‑tariff trade barriers against American goods. He also committed to buying U.S. products on a “much larger scale” spanning energy, technology, agriculture and coal, with a value exceeding $500 billion.
