Trump Announces Trade Agreement with India Lowering Tariffs
"It was an Honor to speak with Prime Minister (Narendra) Modi, of India, this morning," Trump said on his social media platform, calling him "one of my greatest friends and, a Powerful and Respected Leader of his Country."
Trump said the leaders discussed multiple issues, including trade and efforts to end the war in Ukraine. "Modi agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela," he added. "This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!"
Regarding the trade deal, Trump stated: "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%." The US had originally imposed a 25% tariff on Indian goods, later raising it to 50% due to India’s continued imports of Russian oil.
Trump added that India will "move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO," and 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 said.
The announcement follows last week’s signing of the EU-India trade deal, referred to as the "mother of all deals."
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