India-US Trade Deal Breakthrough: Tariffs Slashed, Russian Oil Imports to End, Says Trump and Modi

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In a significant breakthrough, India and the US have reached a long-awaited trade agreement, reducing tariffs on Indian exports to the US from 25% to 18%. The deal, announced by PM Modi and President Donald Trump on Monday, comes after nearly a year of intense negotiations. According to sources, India has agreed to stop buying oil from Russia, a move that will also see the US drop the 25% penalty tariffs imposed on Indian exports. The reduced tariffs will benefit Indian exporters, while the US will increase its oil exports to India and potentially Venezuela. The deal was confirmed by ministers Ashwini Vaishnaw and Piyush Goyal on X (formerly Twitter), despite PM Modi's initial reluctance to comment on the agreement. President Trump hailed the deal as a major victory, saying it would help end the Ukraine-Russia war and strengthen ties between the two nations. In a joint statement, PM Modi expressed his gratitude to President Trump, saying that the deal would unlock immense opportunities for mutually beneficial cooperation between the two countries. President Trump also praised PM Modi as one of his 'greatest friends', highlighting the strong relationship between the two leaders. Key Takeaways: - Tariffs on Indian exports to the US reduced from 25% to 18% - India agrees to stop buying oil from Russia - US to increase oil exports to India and potentially Venezuela - PM Modi and President Trump hail the deal as a major breakthrough - Joint statement emphasizes the importance of cooperation between the two nations