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Trump Lowers Tariffs on India in Exchange for Oil Commitment from Modi

KVIA••CNN Newsource
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President Donald Trump announced a reduction in tariffs on Indian products as part of a deal with Indian Prime Minister Narendra Modi, who agreed to stop purchasing Russian oil. India has been importing approximately 1.5 million barrels of Russian oil daily, despite existing tariffs. The new tariff rate will be 18%, down from 25%, although the additional 25% tariff on Russian oil purchases remains uncertain. Modi also committed to eliminating tariffs on U.S. products and investing $500 billion in U.S. energy, technology, and agriculture. This agreement could significantly impact U.S.-India trade relations, given the substantial trade volume between the two nations.

Key Details: • New tariff on Indian products set at 18%, down from 25%. • India to stop buying Russian oil and switch to U.S. and Venezuelan oil. • Modi to eliminate tariffs on U.S. products and reduce non-tariff barriers. • India plans to invest $500 billion in various U.S. sectors.

trade tariffs oil us-relations india

People & Organizations

Donald TrumpVenezuelaUnited StatesIndiaNarendra Modi

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