LIVE This Morning: Trump Slashes 18% Tariffs On India After Telephonic Conversation With PM Modi
US President Donald Trump on Monday announced reduced reciprocal tariffs on India from 25% to 18%, following a phone conversation with Prime Minister Narendra Modi. Trump announced the bilateral trade agreement in a post on Truth Social, ending months of speculation and tussling between the two nations over tariffs, and marking a new beginning in their economic partnership.
Trump revealed the deal on Monday, following a phone conversation with PM Modi, wherein the two leaders agreed to reduce reciprocal tariffs and enhance cooperation in energy, technology, and agriculture. Furthermore, the current additional tariffs, which were imposed due to India’s purchase of Russian oil, are also expected to be scrapped.
The agreement, hailed by Trump as an example of the strong friendship between the two leaders, involved the US reducing its tariff on Indian goods from 25% to 18%, effective immediately. In return, India has committed to eliminating its tariffs and non-tariff barriers on US products. "Out of friendship and respect for Prime Minister Modi, and as per his request, we agreed to a trade deal between the United States and India," Trump said in a social media post.
The deal is expected to boost trade between the two nations, with India agreeing to increase its purchases of American goods and services, including energy, technology, and agricultural products, worth over $500 billion. Trump claimed that India has also agreed to stop buying Russian oil and instead buy more from the US and possibly Venezuela, which he believes will help end the war in Ukraine.
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