Trump Unveils Major India Trade Deal
"It was an Honor to speak with Prime Minister (Narendra) Modi, of India, this morning," Trump posted on his US social media platform Truth Social, calling him "one of my greatest friends and, a Powerful and Respected Leader of his Country."
Noting their wide-ranging discussions covering commerce to the conflict in Ukraine, Trump revealed Modi "agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela."
"This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!" he stated.
The US president announced the tariff reduction, explaining that "Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%."
Washington had initially imposed a 25% levy on Indian goods before doubling it to 50% over India's persistent Russian oil purchases.
Trump added that India will "move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO."
He said Modi is committed to "BUY AMERICAN," including "over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products."
"Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most," he declared.
The development follows just days after the signing of the EU-India trade pact, characterized as the "mother of all deals."
Modi 'delighted'
Indian Prime Minister Modi avoided using the term trade deal and declined to verify whether India will halt Russian crude purchases, but said he was "Delighted that Made in India products will now have a reduced tariff of 18%."
"Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement," he posted on US social media platform X.
Modi said "when two large economies and the world's largest democracies work together," it "benefits our people and unlocks immense opportunities for mutually beneficial cooperation."
He also stated that Trump's leadership "is vital for global peace, stability, and prosperity."
"India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights," Modi added.
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