Feb. 2 (UPI) -- The United States and India on Monday finalized a trade deal that will simultaneously reduce the amount of oil the Asian nation buys from Russia and increase what it buys from the United States.
The deal, announced by President Donald Trump, includes more than $500 billion in trade and will result in both countries lowering tariffs on each other.
"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 Truth Social post. "They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO."
The deal comes nearly one year after Trump and India's Narendra Modi met at the White House to announce they had started talks aiming to double bilateral trade between the two countries to $500 billion by 2030.
Related
