US cuts tariffs on Indian goods to 18% as India agrees to halt Russian oil buys
Latest news on WhatsApp أجدد الأخبار على واتسابU.S. President Donald Trump announced a trade deal with India that would cut U.S. tariffs on Indian goods to 18% from 50%, in exchange for India halting purchases of Russian oil and lowering trade barriers, according to Reuters.
The announcement followed a call with Indian Prime Minister Narendra Modi. Trump said India would buy oil from the United States and could potentially buy Venezuelan oil as well.
A White House official told Reuters the U.S. would also rescind an additional 25% “punitive” duty tied to India’s Russian oil purchases, which had been stacked on top of a separate 25% “reciprocal” tariff rate.
Reuters noted that key details remain unclear, and as of late Monday the White House had not issued the paperwork typically required to make the tariff changes official.
