US President Donald Trump announced that he agreed to a trade deal with India's Prime Minister Narendra Modi, where the US will lower tariffs on goods from India to 18% from 25%, BBC reported.
In a post on Truth Social, Trump said India will reduce trade barriers to zero and will also stop buying Russian oil. An additional 25% tariff penalty imposed for Delhi's refusal to stop buying oil from Russia will be dropped.
The announcement comes less than a week after India and the European Union announced a landmark trade deal that capped nearly two decades of on-off talks, according to BBC.
