Trump announces that he has convinced India to stop buying Russian oil. A new trade agreement was concluded
US President Donald Trump and Indian Prime Minister Narendra Modi. Photo: SAUL LOEB / AFP / Profimedia
US President Donald Trump announced on Monday that the United States had concluded a trade agreement with India, which he said had committed to ending imports of Russian oil and buying more oil from the US and even from Venezuela, AFP, Reuters and EFE agencies report.
The agreement provides for the reduction from 25% to 18% of customs duties levied by the US on imports from India, Trump wrote in a message posted on the Truth Social social network, after a telephone conversation with Indian Prime Minister Narendra Modi, according to Agerpres.
“We talked about many topics, including trade and ending the war between Russia and Ukraine,” and Prime Minister Modi “agreed to stop the purchase of Russian oil,” which would “help end the war in Ukraine,” and committed to buying “more oil from the U.S. and potentially from Venezuela,” the American president added.
Also according to Trump, the Indian government has additionally pledged to work towards zeroing out tariffs and also non-tariff barriers applied to US imports, increase those imports and invest more than $500 billion in the US in economic activities related to energy, technology and agriculture.
In the same message, Trump described Prime Minister Modi as one of his “best friends” and “a strong and respected leader in his country.”
Trump had already announced on Saturday that India would start buying oil from Venezuela, a country whose oil sector was taken under US control after the United States captured President Nicolas Maduro on January 3, so that India would be able to stop buying Iranian oil.
India is one of the biggest buyers of Russian oil, which is why Washington has imposed additional tariffs of 25% (on top of the already existing 25%) on it, which will be removed as a result of the trade deal.
And Prime Minister Modi welcomed the agreement, in a message on the X social network. “I am pleased that products made in India will henceforth have customs duty reduced to 18%,” he stressed.
