US to cut tariffs on India to 18%, India agrees to end Russian oil purchases
Summary
The US will reduce tariffs on Indian goods to 18% from 50% as India agrees to cease Russian oil purchases under a new trade deal announced by President Donald Trump. Indian markets reacted positively, and the deal also includes increased US energy sales to India.
Key Points
- US President Donald Trump announced a trade deal reducing US tariffs on Indian goods from 50% to 18%.
- India agreed to stop buying Russian oil and increase purchases of US energy products, including coal and technology.
- Indian companies' stocks rose following the announcement, reflecting market optimism.
- The deal aims to align Indian tariff rates with other Asian trading partners and strengthen US-India economic ties.
