Trump to slash tariffs on Indian imports after deal on Russian oil
President Donald Trump said Monday he would immediately slash tariffs on imports, which could mean lower costs for consumers on goods from the U.S. ally and trade partner.
Trump announced a framework of the trade deal with India on Monday after talking with Prime Minister Narendra Modi. Trump said Modi agreed to stop buying oil from Russia and agreed to buy more from the U.S. and Venezuela.
Trump recently directed the U.S. military to capture longtime Venezuelan Prime Minister Nicolás Maduro, who faces drug trafficking charges in the U.S.
Trump also said the deal would end the long-running war between Russia and Ukraine.
“This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!” Trump wrote in a social media post on Monday.
Trump also agreed to significantly reduce tariffs on imports from India, which were among the highest in the world at 50%, including a 25% levy for buying Russian oil.
Going forward, Indian imports will face an 18% tariff, closer to the rates Trump has imposed on other nations. For example, Trump agreed to a 15% rate with the 27-member European Union last year.
Trump said India agreed to cut tariffs on U.S. goods to zero and limit other non-tariff trade barriers. As with other trade deals, Trump said India will buy more American products.
“The Prime Minister also committed to ‘BUY AMERICAN,’ at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products,” Trump wrote in a social media post. “Our amazing relationship with India will be even stronger going forward.”
Modi said it was a good deal for the world’s third-largest nation of 1.4 billion people.
“Delighted that Made in India products will now have a reduced tariff of 18%,” Modi wrote in a social media post. “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation.”
Modi also said he supports Trump’s “efforts for peace.”
The White House did not immediately release details of the framework deal with India.
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