Trump strikes deal to lower tariffs on India, saying Modi agreed to stop buying Russian oil

February 3, 2026

TL;DR

President Trump and Prime Minister Modi have agreed to a trade deal.
Tariffs on products from India will be lowered to 18%.
India will stop purchasing Russian oil.
India committed to buying more U.S. energy, technology, agriculture, coal, and other goods, exceeding $500 billion.
India will also increase oil purchases from the U.S. and potentially Venezuela.
Mr. Trump had previously imposed tariffs as high as 50% on Indian products to pressure the country regarding Russian oil purchases.
Modi expressed delight over the reduced tariff and thanked President Trump, highlighting the benefits for India's 1.4 billion people and mutual cooperation between the two democracies.
India recently finalized a trade agreement with the European Union, with some suggesting Trump's trade policies influenced the finalization.

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