Summary
President Donald Trump announced that the United States and India have agreed to a new trade deal. Under this agreement, the US will lower tariffs on Indian goods, and India will stop buying oil from Russia and increase its purchase of US goods and oil.
Key Facts
- President Trump and India's Prime Minister Narendra Modi agreed on a trade deal.
- The US will reduce tariffs on Indian goods from 25% to 18%.
- India has agreed to stop buying oil from Russia.
- India will purchase over $500 billion worth of goods from the US.
- India will lower trade barriers to zero, meaning fewer trade restrictions.
- A penalty for India's purchase of Russian oil will be removed.
- This announcement comes shortly after India and the EU made a separate trade agreement.
- Trump mentioned that the deal could help end the Russia-Ukraine conflict.
