On Monday, President Trump announced a trade deal with India after he said the country’s Prime Minister Narendra Modi pledged to buy U.S. and “potentially” Venezuelan oil.
Trump wrote in a TruthSocial post that it was “an honor” to speak to the Prime Minister on Monday morning, noting that the two leaders discussed trade and ending the war between Russia and Ukraine.
“He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!” the president said.
Trump said he reached deal in which the U.S. will lower its reciprocal tariff on India from 25 percent to 18 percent. In return, India agreed to reduce its tariffs and non-tariff Barriers against the U.S. to zero.
“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,” the president said.
Modi confirmed he and Trump reached a deal on Monday in a post on X.
“Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” he said.
In remarks to reporters on Saturday, Trump first indicated that India intents to purchase oil from Venezuela instead of Iranian crude oil.
“We’ve already made that deal, the concept of the deal,” the president told reporters on Air Force One.
Last year, India halted its purchases of Venezuelan oil after Trump imposed a 25 percent tariff on countries that bought oil from the country. In January, Trump threatened to raise tariffs on India if it did not stop buying Russian oil.
“Modi is a good guy. He knew I was not happy, and it was important to make me happy,” Trump said. “They do trade, and we can raise tariffs on them very quickly.”
This is a breaking news story. Please check back for updates.
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