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

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U.S. President Donald Trump on Monday mentioned he had agreed on a commerce deal with India that slashes U.S. tariffs on Indian items to 18 per cent from 50 per cent in change for India reducing commerce boundaries, stopping its purchases of Russian oil and shopping for oil as a substitute from the U.S. and probably Venezuela.

“Out of friendship and respect for Prime Minister Modi and, as per his request, efficient instantly, we agreed to a Commerce Deal between the US and India, whereby the US will cost a diminished Reciprocal Tariff, reducing it from 25 per cent to 18 per cent,” Trump mentioned in a social media submit following a name with Indian Prime Minister Narendra Modi.

A White Home official instructed Reuters that the U.S. was additionally rescinding a punitive, 25 per cent obligation on all imports from India over its purchases of Russian oil that had stacked on prime of a 25 per cent "reciprocal" tariff price.

Modi additionally dedicated to purchase greater than $500 billion US price of U.S. vitality, know-how, agricultural and different merchandise, Trump added.

"Great to talk with my expensive buddy President Trump at present. Delighted that Made in India merchandise will now have a diminished tariff of 18 per cent," Modi mentioned in a social media submit on X. "Large because of President Trump on behalf of the 1.4 billion individuals of India for this glorious announcement."

WATCH | India and E.U. signal commerce deal : India, EU signal ‘mom of all commerce offers’

A landmark new commerce deal between India and the European Union cuts tariffs on almost 97 per cent of European items, together with automobiles, and is predicted to double EU exports to the South Asian nation by 2032. India will profit from the elimination of tariffs on a wide range of items coming into the EU. The settlement additionally guarantees simpler entry for extremely expert professionals from India to work in Europe. India depends closely on oil imports, protecting round 90 per cent of its wants, and importing cheaper Russian oil has helped decrease its import prices since Moscow invaded Ukraine in 2022 and Western nations slapped sanctions on its vitality exports.

Just lately India has begun to sluggish its purchases from Russia. In January, they had been round 1.2 million barrels per day, and are projected to say no to about a million in February and 800,000 in March, in accordance with a Reuters report.

Indian markets have been battered since Washington levied the tariffs, making it the worst-performing market amongst rising nations in 2025, with file outflows of international buyers.

WATCH | B.C. premier's commerce mission to India: B.C. premier pitches India on gasoline, mineral offers throughout commerce go to

B.C. Premier David Eby is pitching India on liquefied pure gasoline and mineral exports throughout his week-long commerce go to, as the 2 nations ease again from a diplomatic disaster triggered by Canada accusing India of involvement within the homicide of a outstanding B.C. Sikh activist. Carney to journey to India U.S.-listed shares of main Indian corporations rallied on the information. IT consulting agency Infosys was up 3.53 per cent in afternoon buying and selling, consultancy Wipro rose seven per cent, HDFC Financial institution gained 3.4 per cent and the iShares MSCI India exchange-traded fund rallied 3.3 per cent.

Prime Minister Mark Carney will go to India within the coming weeks, in accordance with India’s excessive commissioner to Canada, as each nations look to diversify buying and selling companions within the face of Trump’s commerce conflict.

Carney’s go to follows a dedication by each leaders to launch negotiations towards a brand new commerce deal referred to as a Complete Financial Partnership Settlement (CEPA), introduced when the 2 leaders met on the G20 Summit in South Africa final November.

On the time Carney's workplace mentioned he had accepted Modi’s invitation to go to India "in early 2026."

<img loading="lazy" alt="A long tanker train " srcset="https://i.cbc.ca/ais/5871025c-cc9f-4284-80f7-44daa3d86fc9,1770059341703/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C3188%2C2125%29%3BResize%3D796 796w,https://i.cbc.ca/ais/5871025c-cc9f-4284-80f7-44daa3d86fc9,1770059341703/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C3188%2C2125%29%3BResize%3D1083 1083w,https://i.cbc.ca/ais/5871025c-cc9f-4284-80f7-44daa3d86fc9,1770059341703/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C3188%2C2125%29%3BResize%3D1280 1280w" sizes="(max-width: 762px) calc(100vw - 32px),730px" src="https://i.cbc.ca/ais/5871025c-cc9f-4284-80f7-44daa3d86fc9,1770059341703/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C3188%2C2125%29%3B" style="aspect-ratio:1.5002352941176471" data-cy="image-img"/> An oil tanker prepare strikes close to a railway station on the outskirts of Ahmedabad, India, in August 2025. (Amit Dave/Reuters) On Saturday, Trump teased a possible deal for India to purchase Venezuelan oil after the U.S. seized Venezuelan President Nicolas Maduro in a navy raid in early January.

The deal comes after months of tense commerce negotiations between the world's two largest democracies.

Final August, Trump doubled duties on imports from India to 50 per cent to strain New Delhi to cease shopping for Russian oil, and earlier this month mentioned the price might rise once more if it didn't curb its purchases.

Purchases of Venezuelan oil would assist exchange a few of the Russian oil purchased by India, the world's third-biggest oil importer.

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

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