Trump to reduce tariffs on India, says Modi agreed to stop buying Russian oil
Editor's note: The story has been updated with the latest details.
U.S. President Donald Trump said on Feb. 2 that he is reducing a "reciprocal tariff" against India from 25% to 18%, claiming Indian Prime Minister Narendra Modi agreed to halt purchases of Russian oil.
"This will help END THE WAR in Ukraine," Trump said on Truth Social after holding a phone call with Modi earlier in the day, adding that the Indian leader agreed "to buy much more (oil) from the United States and, potentially, Venezuela."
The agreement is part of a trade deal concluded between Washington and New Delhi, under which India will cut tariffs and non-tariff barriers on the U.S. to zero, Trump said.
Modi confirmed an agreement on a reduced 18% tariff on Indian goods but did not comment on any plans to cut off Russian oil purchases.
"President Trump's leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace," the Indian prime minister said on X.
The U.S. president claimed he received a similar pledge from Modi in October regarding a halt to Russian oil imports.
According to Trump, Modi also "committed to 'BUY AMERICAN,' at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products."
Last year, the Trump administration imposed a 25% "reciprocal" tariff on India and an additional 25% penalty over Indian purchases of Russian oil, the latter being part of Washington's strategy to pressure Moscow into peace talks in Ukraine.
Alongside China, India has become the leading buyer of Russian crude in the wake of Western sanctions, providing a revenue stream that helps Moscow sustain its war against Ukraine.
New Delhi has maintained neutrality during the war in Ukraine, balancing between ties with the West and economic partnership with Russia.
