"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%, Trump said in a social media post following a call with Indian Prime Minister Narendra Modi."
"A White House official told the Reuters news agency that the US was rescinding a punitive, 25 percent duty on all imports from India over its purchases of Russian oil that had stacked on top of a 25 percent reciprocal tariff rate. Modi also committed to buying more than $500bn worth of US energy, technology, agricultural and other products, Trump added."
The United States reduced reciprocal tariffs on Indian imports to 18% and agreed to lower US tariffs on Indian goods from 50% to 18% in exchange for India lowering trade barriers. India committed to stop purchasing Russian oil and to buy oil from the United States and potentially Venezuela. The US rescinded a punitive 25% duty that had been applied over India’s Russian oil purchases. India pledged to purchase more than $500 billion of US energy, technology, agricultural and other products. Analysts cautioned the outcome may be a tariff adjustment rather than a comprehensive trade agreement.
Read at www.aljazeera.com
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