The deal will result in India charging a zero percent levy on American goods entering the country, according to the president.
The United States and India have reached a trade agreement and will begin lowering tariffs on each other’s goods immediately, President Donald Trump announced.
As part of the deal, the United States will cut its reciprocal tariff rate from 25 percent to 18 percent, Trump wrote on Feb. 2 in a post on Truth Social. In exchange, he said, India has agreed to “move forward to reduce their Tariffs and Non Tariff Barriers against the United States to ZERO.”
Trump added that India also committed to “stop buying Russian oil, and to buy much more from the United States and, potentially, Venezuela,” according to his post.
This is a developing story and will be updated.
By Bill Pan
