U.S. Cuts Tariffs on India to 18 Percent

President Donald Trump on Monday said he had agreed on a trade deal with India that slashes U.S. tariffs on Indian goods to 18 percent from 50 percent in exchange for India lowering trade barriers, stopping its purchases of Russian oil and buying oil instead from the U.S. and potentially Venezuela.

"Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a trade deal between the United States and India, whereby the United States will charge a reduced reciprocal tariff, lowering it from 25 percent to 18 percent," Trump said in a social media post following a call with Indian Prime Minister Narendra Modi.

A White House official told Reuters that the U.S. was rescinding a punitive, 25 percent duty on all imports from India over its purchases of Russian oil that had stacked on top of a 25 percent "reciprocal" tariff rate.

Please select this link to read the complete article from Reuters.