Trump to slash US tariffs on India from 50 percent to 18 percent

Trump had slapped India with a punitive 25 percent tariff for buying Russian oil on top of a 25 percent ‘reciprocal’ tariff.

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United States President Donald Trump has agreed to slash US tariffs on Indian goods to 18 percent from 50 percent in exchange for India lowering trade barriers as well as stopping its purchases of Russian oil and buying oil instead from the US and potentially Venezuela.

“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.