Indian Prime Minister Narendra Modi has said that he is happy with this decision. ”I am very happy to talk to my friend Trump. Now the customs duty on goods made in India will be reduced to only 18 percent, I am happy with this,” Modi wrote on social media, ”On behalf of the 1.4 billion people of India, I thank Trump for this announcement.”
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US President Donald Trump has announced that tariffs on Indian goods will be reduced from 25 percent to 18 percent. Trump's announcement comes as India is ready to stop buying oil from Russia.
India will now reduce trade barriers imposed on the US e. Similarly, it will buy oil from the US and Venezuela instead of Russia. ‘At the request of Narendra Modi, out of friendship and respect for him, we have agreed to a trade deal between the US and India immediately,’ Trump wrote on social media after a telephone conversation with Modi.
Trump also said that Modi is committed to buying more than $500 billion worth of American energy, technology, agriculture and other products.
Indian Prime Minister Narendra Modi said that he was happy with this decision. ‘I am very happy to talk to my friend Trump. I am delighted that the customs duty on goods made in India will now be reduced to only 18 percent,’ Modi wrote on social media, ‘On behalf of the 1.4 billion people of India, thank you Trump for this announcement.’
This agreement came after a long period of trade tensions between the world’s two largest democracies. Last August, Trump threatened to double tariffs on goods imported from India to the US to 50 percent.
The tariffs were increased in this way to pressure India not to buy Russian oil. Earlier this month, the US again put pressure on India to stop buying oil from Russia. The US had also called for buying Venezuelan oil. India had been buying oil from Venezuela for years. India had last bought oil from Venezuela a year ago. However, after Trump was elected president in the US, he started imposing sanctions on those buying Venezuelan oil. After that, India backed down.
The US is currently prosecuting President Nicolas Maduro for kidnapping him. Now the US is preparing to sell Venezuelan oil on the world market. Venezuela's interim President Delcy Rodriguez has also agreed to this.
Oil imports in India are high. Nearly 90 percent of the oil here comes from abroad. After Russia launched its invasion of Ukraine in 2022, Russian oil exports to Western markets stopped. Since then, Russia has been selling oil to India at a low price. As a result, India's dependence on Russia has increased.
But in recent months, India has started reducing this dependence. In January, it was buying 1.2 million barrels of oil per day from Russia. India aims to reduce this to 1 million in February and 8 million in March.
The Indian market has been badly affected since Washington increased customs duties. A large number of foreign investors have exited here.
India has agreed to reduce customs duties with the US within days of signing a free trade agreement with the European Union. According to the new agreement, customs duties will be reduced or zero on 99.5 percent of goods going from India to 27 countries under the EU.
Similarly, customs duties will be reduced or zero on 96.6 percent of European goods coming to India. Textiles, medicines and other goods are going to Europe from India. Similarly, luxury goods including wine, cars and other goods enter India from Europe.
