US President Donald Trump has announced plans to cut tariffs on Indian exports after claiming India agreed to stop purchasing Russian oil. The announcement followed a phone call with Indian Prime Minister Narendra Modi on Monday.
Writing on his Truth Social platform, Trump said India would halt Russian oil imports, calling it a move that would "help END THE WAR in Ukraine." He also stated that US tariffs on Indian goods would fall from 25% to 18%, with an additional 25% tariff levied last summer expected to be shelved.
India, the world's second-largest buyer of Russian crude, has relied heavily on discounted Russian oil since the 2022 invasion of Ukraine. However, recent data suggests a decline in purchases, from 1.2 million barrels per day in January to a projected 800,000 in March.
Modi welcomed the tariff reduction on X, but did not explicitly confirm the oil pledge. Trump also claimed Modi committed to buying over $500bn worth of US energy, technology, and agricultural products, and to reducing Indian tariffs and non-tariff barriers against the US to zero.
Russian President Vladimir Putin visited India in December, emphasising the resilience of Russia-India energy ties. The full details of the US-India trade deal remain undisclosed.
