US and India Reach Trade Agreement, US to Drop Tariffs
Washington D.C. - The United States and India reached a trade agreement that will see the US lower tariffs on goods from India, according to an announcement by US President Donald Trump. The agreement followed a call between Trump and Indian Prime Minister Narendra Modi.
Trump stated on Truth Social that India agreed to purchase over $500 billion worth of US goods. As part of the deal, the US will reduce tariffs on goods from India from 25% to 18%, according to Al Jazeera. Trump also stated that India will reduce trade barriers to zero and cease purchasing Russian oil. The additional 25% tariff penalty imposed on Delhi for its refusal to stop buying oil from Russia will be dropped, according to BBC World.
The announcement came less than a week after India and the European Union announced a trade deal that capped nearly two decades of on-off talks, according to BBC World. Modi said on X that he is "del".
In related news, President Trump announced the launch of a strategic minerals stockpile called Project Vault on Monday, according to Al Jazeera. The stockpile will combine $2 billion of private capital with a $10 billion loan from the US Export-Import Bank.
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