U.S. President Donald Trump and Indian Prime Minister Narendra Modi
Credit: Reuters Photo
US President Donald Trump on Monday announced that the reciprocal tariff on India will be lowered from 25% to 18%.
Trump said that he spoke to Prime Minister Narendra Modi over a range of topics including "trade, and ending the war with Russia and Ukraine." He said that Modi has "agreed to stop buying Russian Oil, and to buy much more from the United States 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%," he posted on Truth Social.
"India will likewise move forward to reduce their tariffs and non tariff barriers against the United States to zero," he added.
The announcement came after Trump spoke to Prime Minister Narendra Modi on Monday, apparently in an attempt to address the sharp downturn in the relations between the two countries.
US ambassador to India Sergio Gor confirmed the phone conversation in a brief social media post.