'India-US trade deal agreed, tariffs slashed, no more purchasing Russian oil', announces US President Trump

WASHINGTON: US President Donald Trump, who teased posting magazine cover photos with PM Modi on social media, finally broke the silence on Monday, claiming that an agreement was reached on a trade deal between India and the US. Trump said in a post on Truth Social that tariffs imposed on India will be reduced from 25 per cent to 18 per cent and said that India had agreed to stop buying oil from Russia.

Earlier, US Ambassador to India Sergio Gor revealed that Prime Minister Narendra Modi had spoken to Trump on the phone. Gor did not elaborate on what was discussed. The US Ambassador also shared a message to stay tuned for more information. Following this, details about the agreement were revealed.

Following the announcement, the Prime Minister shared a thank you note to the US President. PM Modi said that he would like to thank the US President on behalf of the people of the country for reducing the tariff on Indian products to 18 percent. Modi said that when the world's two largest economies and largest democracies work together, it will benefit the people of both countries and open up huge opportunities. The Prime Minister also said that India fully supports Trump's efforts for peace.

Interestingly, PM Modi’s post on X did not mention anything about the trade deal nor cancelling purchase of oil from Russia.

PRESIDENT DONALD J. TRUMP:

It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to "BUY AMERICAN," at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!