US President Donald Trump announced that he agreed to a trade deal with India's Prime Minister Narendra Modi, whereby the US will lower tariffs on goods from India to 18% from 25%. In a post on Truth Social, Trump stated that India will eliminate trade barriers completely and will stop buying Russian oil, dropping an additional 25% tariff penalty related to this purchase. Modi expressed his happiness over the agreement, underscoring a commitment to strengthen trade ties.
This announcement follows India's recent landmark trade agreement with the European Union. Modi commented on societal benefits arising from the cooperation between the two largest democracies. Trump noted the improvements in their bilateral conversation, focusing on energy purchases and economic opportunities.
The deal, which marks a significant shift from previous tariff disputes that negatively impacted Indian exports to the US, aims to cement a mutually beneficial trade relationship, potentially stabilizing the economic pathways between these two important global markets. Trump indicated that the US markets are expected to respond positively to this agreement.
This announcement follows India's recent landmark trade agreement with the European Union. Modi commented on societal benefits arising from the cooperation between the two largest democracies. Trump noted the improvements in their bilateral conversation, focusing on energy purchases and economic opportunities.
The deal, which marks a significant shift from previous tariff disputes that negatively impacted Indian exports to the US, aims to cement a mutually beneficial trade relationship, potentially stabilizing the economic pathways between these two important global markets. Trump indicated that the US markets are expected to respond positively to this agreement.
