Trump Announces Tariff Cuts, India to 'Buy American' in Major US-India Trade Deal
Economy
C
CNBC Awaaz•02-02-2026, 22:45
Trump Announces Tariff Cuts, India to 'Buy American' in Major US-India Trade Deal
- •US President Donald Trump announced a significant phone conversation with PM Narendra Modi, discussing trade, the Russia-Ukraine war, and energy imports.
- •Trump stated Modi agreed to stop buying Russian oil, opting for US and potentially Venezuelan oil to help end the Russia-Ukraine conflict.
- •A trade deal was agreed upon, with the US reducing reciprocal tariffs from 25% to 18% at Modi's request.
- •India is expected to adopt a "Buy American" policy, purchasing over $500 billion in energy, technology, agriculture, and other products.
- •The Indian government has not yet made an official announcement regarding reduced Russian energy imports, but pressure is mounting.
Why It Matters: Trump announced a US-India trade deal with tariff cuts and India's commitment to 'Buy American' and shift from Russian oil.
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