WASHINGTON/NEW DELHI: US President Donald Trump on Monday announced a trade deal with India that slashes US tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers. Trump announced the deal on social media following a call with Indian Prime Minister Narendra Modi, noting that India would now buy oil from the US and potentially Venezuela.

The U.S. and India have reached a trade deal, President Donald Trump announced.

US president made announcement on Truth Social after a Monday call with India’s prime minister