After more than a year of haggling, US President Donald Trump on Monday announced a major trade deal between Washington and New Delhi that significantly de-escalates economic tensions between the two nations.
A White House official confirmed to the South China Morning Post that the deal will remove the 25 per cent punitive Russia oil tariffs.
Trump in a social media post earlier said that he held a phone call with Indian Prime Minister Narendra Modi.
“He [Modi] agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!”
Trump slapped Russia-related tariffs in August last year to penalise New Delhi for its purchases of discounted Russian crude oil, which Washington argued was financing the war in Ukraine.
Trump says both sides in Ukraine war will need to cede land
Trump says both sides in Ukraine war will need to cede land
Combined with the base tariffs of 25 per cent, announced earlier last year, the total import tax on many Indian goods had reached 50 per cent before Monday’s rollback.
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