India, Modi and Trump
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US president had slapped India with a punitive 25% tariff for buying Russian oil on top of a 25% ‘reciprocal’ tariff.
President Donald Trump announced Monday that he will lower tariffs on goods from India from 25% to 18% after speaking with Indian Prime Minister Narendra Modi.
Trump had imposed a 50% tariff on India, 25% of which were for crude oil imports from Russia. Trump administration officials have repeatedly claimed that India’s crude purchase from Russia helped finance the latter’s war against Russia.
US President Donald Trump announced a reduction in tariffs on Indian imports on Monday after saying that Indian Prime Minister Narendra Modi had agreed to stop buying oil from Russia in a post on his social media platform Truth Social.
Prime Minister Narendra Modi and US President Donald Trump spoke for the first time this year, US envoy Sergio Gor confirmed.
India and the US announced that they have reached a framework for an interim trade agreement. Under this, the US will reduce tariffs on Indian goods to 18 per cent from the earlier 50 per cent.