The White House Celebrates New Trade Agreement with India
In a recent announcement, the White House expressed its satisfaction with a new trade agreement reached with India. The agreement entails India’s commitment to cease purchasing Russian oil, opting instead to buy oil from the United States and potentially Venezuela. This decision is expected to have a direct positive impact on the United States and its citizens. White House Press Secretary Karoline Leavitt shared these details during a press briefing on Tuesday.
Furthermore, Prime Minister Narendra Modi has agreed to invest a substantial sum of USD 500 billion across various key American sectors. This includes investments in transportation, energy, and agricultural products. The collaboration between President Trump and Prime Minister Modi has been instrumental in striking this significant trade deal, as Leavitt highlighted.
Leavitt also mentioned that the bilateral trade deal between India and the United States was the result of a productive conversation between President Trump and Prime Minister Modi. The agreement not only involves India’s shift from Russian oil to American oil but also includes a commitment to invest in the United States. The trade deal signifies a significant step towards strengthening economic ties between the two countries.
Regarding the specifics of the trade agreement, Leavitt explained that the US tariff on Indian goods would now stand at 18 per cent, while American exports to India would face a tariff of 0 per cent. This adjustment is expected to benefit American workers, businesses, and consumers. Previously, the Trump administration had imposed higher tariffs on Indian imports, including those related to Russian oil purchases.
President Trump, in a recent post on Truth Social, highlighted the immediate implementation of the trade deal with India. The agreement includes a reduction in reciprocal tariffs imposed by the US on Indian goods. Additionally, India has committed to lowering its tariffs and non-tariff barriers against the United States to zero, indicating a more open and favorable trade environment.
Both President Trump and Prime Minister Modi have expressed their enthusiasm for the strengthened relationship between the two nations. Trump emphasized the importance of mutual cooperation, with Modi affirming his commitment to “BUY AMERICAN” and increase purchases of US energy, technology, agricultural products, and more. The collaborative efforts between the leaders are poised to enhance the bilateral trade relationship significantly.
