economy
February 3, 2026
Trump and Modi announce US-India trade deal
As a part of a trade agreement, India will stop its purchases of Russian crude, Donald Trump has claimed
TL;DR
- US President Donald Trump announced a trade deal with India.
- India agreed to lower tariffs on US goods from 25% to 18%.
- India will also reduce its tariff and non-tariff barriers against the US to zero.
- Trump claimed India agreed to stop buying Russian oil and increase purchases from the US and Venezuela.
- Modi confirmed the trade deal and expressed gratitude for the reduced tariffs on Indian products.
- Modi did not comment on stopping Russian oil purchases but stated India supports peace efforts.
- India is expected to significantly increase purchases of US energy, technology, agricultural, coal, and other products.
- Previous trade talks were hindered by India's stance on protecting its dairy and agricultural sectors.
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