US EditionIndia to cut Russian oil purchases, U.S. to slash tariffs as they near trade deal, Mint reports
The US plans to reduce tariffs on Indian goods to 15-16% while encouraging India to cut Russian oil imports, with trade valued at $132 billion in fiscal 2025, officials said.
- Later this month, the United States and India are nearing a trade agreement that could reduce U.S. tariffs on Indian goods from 50% to 15-16%, Mint reported, with an initial phase possibly unveiled at the ASEAN summit in Kuala Lumpur from October 26 to 28.
- Washington is pushing to conclude the pact quickly to help U.S. farmers, while Trump said, `I spoke to Prime Minister Modi today, as I mentioned before. And we just have a very good relationship. And he's not going to buy much oil from Russia`.
- Existing tariffs and oil import patterns have heightened the urgency of talks, as the administration imposed 50% duties including a 25% penalty while India's crude imports from Russia account for about 34%, totaling 1.6 million barrels per day this year.
- India may open its agriculture market to more U.S. non-GM corn and soymeal while raising the U.S. corn import quota 0.5 million tonnes annually despite 15% duties and reducing Russian oil imports.
- If finalised, the pact would reset bilateral ties and pursue a $500 billion target by 2030, deepen clean energy and critical technology supply chains, and include a review mechanism to revisit tariff and market access conditions.
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Trump again claims India will 'stop' buying Russian oil by year-end, cites conversation with PM Modi
US President Donald Trump announced that India will stop purchasing Russian oil by the end of this year. He shared that he had an “absolutely great” conversation with Prime Minister Narendra Modi regarding the matter. This came days after the US President claimed that PM Modi promised him over a phone call that India would stop buying Russian oil, a claim that was later refuted by the MEA. "India has told me that they are going to stop buying oi…
India, US near major trade deal cutting tariffs to 15–16% if New Delhi will limit Russian crude imports
India and the United States are close to finalising a long-awaited bilateral trade deal that could sharply lower tariffs on Indian exports to about 15–16% from the current average of 50%
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