The U.S. and India announced a framework for an interim trade deal in a joint statement Friday, an agreement the two nations said reaffirms their commitment to broader bilateral trade negotiations.
President Trump announced earlier in the week that Indian Prime Minister Narendra Modi had pledged to stop buying Russian oil in exchange for the U.S. lowering its reciprocal tariffs on Indian goods from 25 percent to 18 percent.
“The Prime Minister also committed to ‘BUY AMERICAN,’ at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products,” Trump wrote earlier this week on Truth Social, teasing the framework.
The president also issued an executive order Friday, rescinding a separate 25 percent tariff on imports from India, effective at midnight Saturday.
The framework released Friday indicates that India has also agreed to “eliminate or reduce tariffs” on all U.S. industrial goods and a wide range of American food and agricultural products.
