The US has agreed to remove a 25% additional tariff imposed on India for buying Russian oil, an official in New Delhi familiar with the matter said.
President Donald Trump announced on Monday that the US and India reached a trade deal to cut the reciprocal tariff from 25% to 18%. Trump had imposed an additional 25% penalty on India in August for buying Russian oil, which has now been scrapped, the official said, asking not to be identified because the details are yet to be made public.
The official also confirmed that India made a purchase commitment to buy $500 billion of US goods over five years in sectors including technology products like data centers, planes, precious metals, cooking coal, and energy.
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