RT-Engels: 07-02-2026,
The details of an interim agreement that lowers tariffs on Indian exports to the US from 50% to 18% have been announced
US President Donald Trump signed an executive order on Friday that eliminates the 25% tariff imposed on India in August for importing Russian oil.
The order claims that New Delhi has agreed to stop buying oil from Russia, directly or indirectly, and will instead purchase US energy products.
The two countries have also released a joint statement outlining the details of an interim trade deal that would be a part of a broader Bilateral Trade Agreement that New Delhi and Washington have been negotiating for over a year. This comes days after Trump and Indian Prime Minister Narendra Modi announced that they reached a deal, without revealing the details.
According to Commerce Minister Piyush Goyal, the framework agreed by the countries opens up a $30 trillion market for Indian exporters as the US slashes reciprocal tariffs from the earlier 50%, which included a 25% penalty for Russia oil imports, to 18%. In addition, he said, tariffs will be reduced to zero for a range of goods, including generic pharmaceuticals, gems and diamonds, and aircraft parts.
Modi hailed the deal, saying it “reflects the growing depth, trust and dynamism of our partnership.”
Great news for India and USA! We have agreed on a framework for an Interim Trade Agreement between our two great nations.