Washington, Feb 3: The United States will eliminate a 25% tariff linked to India’s Russian oil purchases following an agreement between President Donald Trump and Prime Minister Narendra Modi.
This deal includes India ceasing its imports of Russian oil and increasing purchases from the US. In a statement, Trump noted this move as a significant shift in bilateral trade, aimed at enhancing energy cooperation and reducing Russian oil revenue amid the ongoing war in Ukraine.
Modi welcomed the reduced tariff on Indian goods, emphasizing the benefits of cooperation between the two democracies.
The tariff removal reflects broader trade and energy relations, which have expanded significantly over the past decade, and will be observed closely by Indian policymakers and the global energy market.
Additionally, India’s External Affairs Minister S. Jaishankar is set to visit Washington for discussions on strategic cooperation in critical minerals and energy security.
