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Overview
- The tariff reduction takes effect immediately following a phone call between President Trump and Prime Minister Narendra Modi.
- Trump said India agreed to stop buying Russian crude and to buy more oil from the United States, potentially including supplies from Venezuela.
- He also asserted that India will purchase more than $500 billion in U.S. goods across energy, technology, agriculture and coal while moving toward eliminating tariffs and non‑tariff barriers on U.S. products.
- Modi publicly thanked Trump for the lower duty on Indian goods but did not confirm any commitment on Russian oil, and a White House official said the separate 25% surcharge tied to Russian oil would be withdrawn.
- Markets rallied after the announcement, with Indian futures and an India-focused ETF rising and the rupee strengthening against the dollar.