President Donald Trump said Monday the United States will cut tariffs on Indian goods to 18% after India agreed to stop purchasing Russian crude oil, marking what he described as a major new trade and energy deal between the two countries. In a social media post, Trump said India also committed to reducing its tariffs and non-tariff barriers on U.S. products to zero and to buying more than $500 billion worth of American energy, technology, agricultural goods, coal and other products over time. Indian Prime Minister Narendra Modi confirmed the agreement in his own post, saying tariffs on “Made in India” products exported to the United States would be reduced to 18%. The announcement drew an immediate reaction in commodity markets, with U.S. soybean oil futures posting solid overnight gains amid expectations of expanded agricultural trade with India, one of the world’s largest importers of vegetable oils. Neither government released additional details on timelines or enforcement of the commitments.
Welcome
