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India-US Trade to Resume as Tariffs downed from 50% to 18%
India-US Trade to Resume as Tariffs downed from 50% to 18%
In a significant development for US-India relations, President Donald Trump revealed a new trade agreement with India on Monday, reducing US tariffs on Indian imports by 7 percentage points to 18%. This move follows Indian Prime Minister Narendra Modi's reported commitment to discontinue buying Russian oil, which has been a vital income stream for Russia during its conflict in Ukraine. Trump detailed the accord in an extensive post on Truth Social after a phone call with Modi.
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