Trump says he'll minimize tariffs on India after Modi agrees to cease shopping for Russian oil

[ad_1] Donald Trump claimed India has agreed to cease shopping for Russian oil as he introduced plans to chop US tariffs on Indian exports.

The US president introduced that he and the Indian prime minister, Narendra Modi, whom he proclaimed to be “certainly one of my biggest associates”, had agreed to strike a commerce deal.

Whereas full particulars have but to be disclosed, Trump claimed that India – the second largest purchaser of Russian crude – had agreed to cease shopping for Russian oil, after many months of strain from the US.

After a name with Modi on Monday, Trump wrote on his Reality Social platform: “This can assist END THE WAR in Ukraine, which is going down proper now, with 1000's of individuals dying every week!”

Modi hailed the “great” information on tariffs in a publish on X, previously Twitter, however didn't explicitly point out his nation’s oil purchases.

India, which depends closely on oil imports from abroad to cowl the overwhelming majority of its demand, has imported cheaper Russian oil lately, as a lot of the western world sought to chop financial ties with Moscow following the 2022 invasion of Ukraine.

Trump claimed that India had dedicated to purchasing extra oil from america and “doubtlessly” Venezuela after agreeing to “cease shopping for Russian Oil”.

US tariffs on Indian exports are set to fall from 25% to 18%, the president stated, claiming that India would “likewise transfer ahead to cut back their Tariffs and Non Tariff Obstacles towards america, to ZERO”.

An extra 25% US tariff on India, leveled by Trump final summer season over its purchases, can be anticipated to be shelved.

“President Trump’s management is significant for world peace, stability, and prosperity,” stated Modi. “India totally helps his efforts for peace.”

The Russian president, Vladimir Putin, flew to India in December and declared that his nation stood able to proceed “uninterrupted” shipments of oil to India. Each Putin and Modi confused on the time that their ties had been “resilient to exterior strain”.

However India has began to chop again on its oil purchases from Russia. In January, they had been about 1.2m barrels per day, based on a Reuters report, and projected to say no to about 1m bpd in February and 800,000 bpd in March.

Trump additionally claimed on Monday that Modi had pledged to purchase greater than $500bn value of US vitality, expertise, agricultural and different merchandise.

“Our wonderful relationship with India will probably be even stronger going ahead. Prime Minister Modi and I are two those that GET THINGS DONE, one thing that can't be stated for many,” he wrote. “Thanks on your consideration to this matter!”