A New Dawn in US-India Trade Relations: Modi and Trump Strike Landmark Deal
Prime Minister Narendra Modi and President Trump have agreed on a new trade deal reducing tariffs on Indian products to 18%. Both leaders praised the partnership's potential to foster global stability and mutual benefits, emphasizing Modi's commitment to 'Buy American' products amidst efforts to reduce reliance on Russian oil.
- Country:
- India
In a significant development, Prime Minister Narendra Modi and President Donald Trump announced on Monday a landmark trade agreement that promises to reshape economic ties between the United States and India. Their discussions, held over the phone, culminated in the decision to reduce tariffs on Made in India products from 25% to 18%.
Prime Minister Modi publicly lauded the agreement as a breakthrough for both nations, emphasizing the benefits of cooperation between two major democracies. He expressed strong support for Trump's initiatives aimed at global peace, underscoring India's readiness to foster unprecedented partnership levels.
While President Trump highlighted Modi's influence as a respected leader, he also announced India's commitment to cease purchasing Russian oil and increase its procurement of American energy resources. This move, he claimed, was pivotal to ending the ongoing Russia-Ukraine conflict. The Indian government has yet to issue a formal statement regarding these commitments, as details are still forthcoming.
ALSO READ
-
India has been able to safeguard its interests in sensitive sectors of agriculture and dairy in trade deal with US: Commerce Minister in LS.
-
India-EU FTA: The 'Mother of All Trade Deals' Revealed
-
Akhilesh Yadav Criticizes India-US Trade Deal as a 'Concession'
-
Congress MPs Challenge Modi Over India-US Trade Deal Clarity
-
Controversial India-US Trade Deal Sparks Political Debate
Google News