US and India Strike Major Trade Deal Following Trump-Modi Call, Tariff Slashed
Summary
The US and India reached a major trade agreement following a call between President Trump and Prime Minister Modi, reducing tariffs on Indian goods from 25% to 18% and boosting trade commitments above $500 billion.
Key Points
- US President Donald Trump and Indian Prime Minister Narendra Modi reached a trade agreement reducing tariffs on Indian goods from 25% to 18%.
- India has agreed to cease purchasing Russian oil and increase oil imports from the US and possibly Venezuela.
- India committed to purchasing over $500 billion worth of US goods, including energy, technology, agriculture, and coal.
- The US small business group 'We Pay The Tariff' criticized the deal, viewing 18% tariff as a permanent increase from the previous average of 2.5%.
