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U.S. President Donald Trump announced on Monday that the U.S. will lower tariffs on Indian goods to 18%. This decision comes after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil and work on improving trade relations with the U.S., according to Euronews.
Trump also said that India agreed to buy $500 billion in American goods and will reduce import taxes on U.S. products to zero. He shared the news about the tariff cut on Truth Social, calling the agreement a possible step toward ending the war in Ukraine.
Since Russia invaded Ukraine in February 2022, India has bought large amounts of discounted Russian oil, which has led to criticism from Washington. In 2024, Russia supplied almost 36% of India’s crude oil imports, or about 1.8 million barrels each day.
In June, the U.S. imposed a 25% tariff on Indian goods over trade imbalances, followed by an additional 25% in August linked to India’s purchases of Russian oil. Trump has spent months seeking to facilitate an end to the war in Ukraine and shifted in the summer toward a strategy focused on reducing Russia’s oil revenues in an effort to weaken its war effort.
Last week, India and the European Union inked a major trade agreement to increase trade and reduce dependence. The deal aims to double EU exports to India by 2032 by cutting or removing tariffs on 96.6% of traded goods by value. The EU will also lower tariffs on 99.5% of Indian goods over seven years, with tariffs on Indian marine products, leather, textiles, chemicals, rubber, base metals, and gems and jewelry dropping to zero.