Trump announces tariff cuts for India and claims Modi will stop Russian oil imports
US President Donald Trump revealed a new trade deal with India, reducing tariffs and aiming to strengthen ties between the two countries. The announcement led to a surge in Mumbai’s stock market. Trump stated that Prime Minister Narendra Modi promised to halt purchases of Russian oil, though Modi did not confirm this publicly. The deal follows months of tension over India’s energy imports from Russia.
What we know
- Donald Trump said he is lowering tariffs on Indian goods from 25 percent to 18 percent and dropping an additional 25 percent tariff related to Russian oil purchases.
- Modi thanked Trump for the tariff reduction but did not mention any commitment to stop buying Russian oil.
- The trade deal was described as a result of friendship and respect between the two leaders, according to Trump.
- Indian investors responded positively, with Mumbai’s Nifty index rising almost five percent at the open.
- Trump claimed that Modi agreed to buy more US energy and products, but specific details were not provided.
