India Halts Russian Oil Imports, Commits to $500 Billion Investments in US
New York/Washington- The White House has announced a significant trade agreement with India, revealing that the country has made a firm decision to cease purchasing Russian oil. Prime Minister Narendra Modi has also agreed to invest a substantial $500 billion across various key sectors in the United States.
These details were disclosed by White House Press Secretary Karoline Leavitt in a press briefing on Tuesday.
Leavitt stated, “The President has successfully negotiated another beneficial trade deal with India. He engaged in direct discussions with Prime Minister Modi, with whom he shares a strong rapport. India has committed to discontinuing the procurement of Russian oil and instead opting to purchase oil from the United States, potentially even from Venezuela. This strategic shift will directly benefit the United States and its citizens.”
Furthermore, she revealed that Prime Minister Modi has pledged investments totaling $500 billion in the United States, encompassing sectors such as transportation, energy, and agriculture. Leavitt emphasized, “This trade agreement is another remarkable achievement credited to President Trump.”
Earlier, in an interview with Fox News regarding the trade pact between India and the US, Leavitt highlighted the productive nature of the call between the two leaders on Monday, which led to the announcement of the bilateral trade deal.
She added, “In discussions with Prime Minister Modi, I am aware that President Trump values their relationship immensely and holds a deep regard for the Prime Minister and India as a nation.”
Leavitt also mentioned that the Trump administration, along with the national security team, now plays a significant role in overseeing the commerce of Venezuela and its oil sales.
Regarding the trade terms, she specified that while the US tariff on India has been reduced to 18%, American exports to India will face a minimal tariff of 0%. This agreement is hailed as a substantial victory for American workers, businesses, and consumers alike.
Previously, the Trump administration had imposed hefty tariffs of 50% on India, including a 25% tariff on Delhi’s acquisition of Russian oil.
In a statement on Truth Social, Trump declared an immediate trade deal with India, wherein the US will lower its reciprocal tariff from 25% to 18%. India, in turn, will work towards reducing its tariffs and non-tariff barriers against the United States to zero.
Trump expressed, “The Prime Minister has also committed to ‘BUY AMERICAN’ on a larger scale, in addition to the substantial investment of over $500 billion in US energy, technology, agriculture, coal, and other products.”
Modi conveyed his delight in conversing with his “esteemed friend” Trump.
He remarked, “I am pleased that products ‘Made in India’ will now have a reduced tariff of 18%. On behalf of the 1.4 billion people of India, I extend my gratitude to President Trump for this remarkable announcement.”
Modi emphasized the mutual benefits that arise when two major economies and the world’s largest democracies collaborate, leading to extensive opportunities for cooperative ventures. He praised Trump’s leadership for global peace, stability, and prosperity, expressing India’s full support for his peace initiatives.
