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Home » Trump lowers India tariffs from 25% to 18% after India agreed to stop buying Russian oil

Trump lowers India tariffs from 25% to 18% after India agreed to stop buying Russian oil

Channel 4 News by Channel 4 News
2 months ago
0 0

WASHINGTON — U.S. President Donald Trump said Monday that he plans to lower tariffs on goods from India to 18 percent, from 25 percent, after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil. The move comes after months after Trump pressing India to cut its reliance on cheap Russian crude. India has taken advantage of slacked Russian oil prices as much of the world has sought to isolate Moscow for its February 2022 invasion of Ukraine. Trump said that India would also start to reduce its import taxes on U.S. goods to zero and buy $500 billion worth of American products. “This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!” Trump said in a Truth social post announcing the tariff reduction on India. Historically, India’s relationship with Russia revolves more around defense than energy. Russia provides only a small fraction of India’s oil but the majority of its military hardware. But India, in the aftermath of the Russian invasion, used the moment to buy discounted Russian oil, allowing i

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