The White House has officially announced a historic interim trade agreement between the United States and India. Earlier, trade ties between the two countries were strained after the US imposed an additional 25% tariff on India over its purchase of crude oil from Russia during the Ukraine war. Following high-level talks between Prime Minister Narendra Modi and US President Donald Trump, the temporary trade dispute has now been resolved. After India agreed to stop importing crude oil from Russia, the US removed the extra tariff. It also reduced reciprocal duties on Indian goods from 25% to 18%, helping to strengthen economic relations between the two nations. The interim trade agreement was signed on the 6th of this month. According to a statement released by the White House today, India’s market of 1.4 billion people has now been opened further to US products. As part of the agreement, India has agreed to purchase goods worth USD 500 billion from the United States over the next five years, including energy, technology, aircraft, and agricultural products. This deal is expected to boost trade and cooperation between the two countries.
