Trump announces 18% tariff reduction on Indian products

Indian Prime Minister Narendra Modi has agreed to stop buying oil from Russia. So this time US President Donald Trump has announced a reduction in the high tariff imposed on Indian products. This information was reported by US media CNN News in a report today (February 3). According to the report, he announced this decision after a phone conversation with Prime Minister Narendra Modi. According to the new announcement, the tariff on products imported from India has been reduced from 25 percent to 18 percent.
Trump said that India has agreed to buy oil from Venezuela instead of Russia. In addition, Delhi will buy energy, agriculture and other technologies worth $ 500 billion from the United States. However, it was not clear whether the additional 25 percent tariff imposed has been withdrawn. Last August, Washington imposed an additional 25 percent tariff on Indian products for allegedly buying oil from Russia. This brought the total tariff rate to 50 percent.