Trump announces US-India trade deal that cuts tariffs to 18 per cent
Trump reveals terms of new US-India trade deal
- Donald Trump announced a trade agreement with India, which will see tariffs on Indian goods reduced from 25 per cent to 18 per cent.
- In return, India has pledged to remove trade barriers on US products and cease purchasing Russian oil.
- The US will also withdraw an additional 25 per cent tariff previously imposed on India due to its acquisition of Russian crude.
- Indian Prime Minister Narendra Modi said he was “delighted” with the deal, stating that Trump's leadership is “vital for global peace and prosperity”.
- Trump also indicated that India committed to buying over $500bn worth of American goods across various sectors, with the deal aligning with efforts to pressure Russia over the Ukraine war.
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