US President Donald Trump has signed a decree to abolish 25% punitive tariffs on all imports from India, which were introduced due to the purchase of Russian oil. This is reported by Reuters, informs UNN.
Details
It is noted that earlier this week, Trump announced a trade agreement with India, which lowered American tariffs on Indian goods to 18%. In exchange, New Delhi agreed to stop buying Russian oil and lower trade barriers.
India is heavily dependent on oil imports, covering about 90% of its needs, while imports of cheaper Russian oil have helped reduce its import costs after Moscow's invasion of Ukraine in 2022, while Western countries imposed sanctions on its energy exports.
The authors add that India has recently begun to slow down its purchases from Russia. Thus, in January, they amounted to about 1.2 million barrels per day and are predicted to decrease to approximately 1 million barrels per day in February and to 800,000 barrels per day in March.
Recall
According to Reuters, India and the United States plan to sign a trade agreement in March, after which New Delhi will lower tariffs on American goods. India will buy $500 billion worth of American goods, including Boeing aircraft.