US President says New Delhi will reduce tariffs and barriers on American products and says Modi has committed to stopping purchases of Russian oil, expanding energy imports from the US
The president of the United States, Donald Trump, announced this Monday, 6, a trade agreement with India that provides for the immediate reduction of the North American reciprocal tariff on Indian products from 25% to 18% and a commitment to purchase more than US$ 500 billion in US goods. The announcement was made after a telephone conversation with Indian Prime Minister Narendra Modi, according to the republican’s post on Truth Social.
In addition to the tariff cut on the American side, Trump stated that India will move towards the total elimination of tariffs and non-tariff barriers on United States products, expanding access for American companies to the Indian market.
The package includes significant purchases of energy, technology, agricultural products and coal, which, in the president’s opinion, deepens bilateral economic integration.
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Trump also linked the trade understanding to commitments in the energy and geopolitical areas.
According to him, Modi agreed to stop the purchase of Russian oil and to expand energy purchases from the US, and “potentially from Venezuela”, a move that the president associates with efforts to reduce Moscow’s revenues amid the war in Ukraine. “This will help END THE WAR in Ukraine,” he wrote.
The agreement with India comes shortly after New Delhi concluded a broad free trade agreement with the European Union, which expands market access and cooperation in strategic sectors.
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