President Donald Trump said Monday that he has struck a long-awaited trade deal with India that would see both countries lower their tariff rates.
“Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%,” Trump said in a post on Truth Social.
“They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO,” added Trump, who previously has labeled India “the Tariff King” because of their extensive duties on foreign goods.
Indian Prime Minister Narendra Modi confirmed that Washington and New Delhi had reached a trade deal that had reduced tariffs on Indian imports to 18 percent in an X post. The deal creates “immense opportunities for mutually beneficial cooperation,” Modi added, without elaborating.
