Trump on Monday said the United States and India had agreed to a trade deal aimed at lowering reciprocal tariffs, announcing a cut in Washington’s tariff on Indian goods to 18 per cent following a phone call with PM Modi.
US President Donald Trump on Monday said the US and India have agreed to a bilateral trade deal aimed at lowering reciprocal tariffs between the two countries.
Sharing details of a phone conversation with Prime Minister Narendra Modi, Trump said Washington would cut its reciprocal tariff on Indian goods from 25 percent to 18 percent with immediate effect. In return, he claimed India would reduce its tariffs and non-tariff barriers on US products to “zero”.
Trade, energy and Ukraine discussed
Trump made the announcement in a detailed social media post, describing Modi as “one of my greatest friends” and saying their talks also covered trade, energy cooperation and the war in Ukraine.
‘Out of friendship and respect…’
“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 wrote.
The Potus further claimed that Modi had agreed to stop buying Russian oil and instead increase purchases from the United States and potentially Venezuela, arguing that this would help end the war in Ukraine.
Push for higher US exports to India
Trump also said New Delhi would significantly step up purchases of American goods and services. According to him, India had agreed to “buy American” at a much higher level, including more than $500 billion worth of US energy, technology, agricultural products, coal and other exports.
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