Trump to lower tariffs on India after Modi vows to stop buying Russian oil
US President Donald Trump said he plans to cut tariffs on goods from India to 18%, from 25%, after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil.
The move comes after months of Trump pressuring India to reduce its dependence on cheap Russian crude. India has benefited from low Russian oil prices while much of the world has sought to isolate Moscow for its invasion of Ukraine in February 2022.
Trump said India will also begin cutting import duties on American goods to zero and buying $500 billion worth of American products.
"This will help end the war in Ukraine, which is going on right now, with thousands of people dying every week!" Trump said in a post on Truth Social announcing the tariff reductions against India.
Modi posted on X that he was "pleased" with the announced tariff cuts and that "Trump's leadership is vital for global peace, stability and prosperity."
"I look forward to working closely with him to take our partnership to unprecedented levels," Modi said.
India's refusal to stop buying oil from Russia, which Washington says funds the Russian invasion of Ukraine, has been a bone of contention for months as Trump seeks an elusive end to the war.
Trump has struggled to keep a campaign promise to quickly end the Russia-Ukraine war and has been reluctant to pressure Russian President Vladimir Putin since returning to office. He has also imposed tariffs without Congress to achieve his economic and foreign policy goals.
India emerged as a major buyer of Russian oil after the start of the war in Ukraine, providing Moscow with an important export market, while Europe significantly reduced purchases.
In 2024, Russia supplied nearly 36 percent of India's total crude oil imports, about 1.8 million barrels of discounted oil per day.
With the commitment to stop buying Russian oil, the tariff rate on Indian products could drop to 18%, which is close to the 15% level applied to goods from the European Union and Japan.
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