US EditionIndia to cut Russian oil purchases, U.S. to slash tariffs as they near trade deal, Mint reports
Trump said Modi assured him India will reduce Russian oil imports amid ongoing trade talks and U.S. tariffs of up to 50% targeting India's oil purchases to pressure Moscow.
- India and the United States are close to finalizing a trade agreement that may reduce U.S. tariffs on Indian goods to 15-16% from 50%, according to Mint.
- The proposed agreement focuses on energy and agriculture, involving India's gradual reduction of crude oil imports from Russia.
- Both nations aim to announce the deal during the upcoming ASEAN Summit, marking significant progress in India-U.S. trade relations since 2020.
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34 Articles
India nears deal to slash US tariffs on Indian imports to 15%-16%, Mint reports
India and the United States are nearing a long-stalled trade agreement that would reduce U.S. tariffs on Indian imports to 15% to 16% from 50%, India's Mint reported on Wednesday citing three people aware of the matter.
Modi Agreed to Reduce India’s Oil Purchases From Russia: Trump
President Donald Trump said on Oct. 21 that Indian Prime Minister Narendra Modi has agreed to scale back India’s imports of Russian oil in response to Russia’s ongoing invasion of Ukraine. Trump told reporters in the Oval Office that he spoke with Modi about the matter during a phone call on Tuesday. He said that their conversation primarily focused on U.S.–India trade relations. “We just have a good relationship, and he’s not going to buy much …
India May Reduce Russian Oil Imports for Trade Deal
The United States and India are nearing a trade deal that could slash U.S. tariffs on Indian imports from the massive 50% to 15-16% and possibly entail India agreeing to gradually reduce Russian oil imports, Indian newspaper Mint reported on Wednesday, citing three anonymous sources familiar with the talks. A potential deal could be announced as early as at next week’s summit of the ASEAN Southeast Asian bloc in Malaysia, according to the repor…
US likely to cut tariffs on Indian imports to 15%-16%: Report
The proposed agreement mainly focusses on the energy and agriculture sectors. One of the key elements under discussion is India’s gradual reduction of crude oil imports from Russia, a move that aligns with Washington’s efforts to limit global dependence on Russian energy supplies.
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