WASHINGTON/NEW DELHI ¨C U.S. President Donald Trump on Monday announced a trade deal with India that slashes U.S. tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers.
Trump announced the deal on social media following a call with Indian Prime Minister Narendra Modi, noting that India would now buy oil from the U.S. and potentially Venezuela.
A White House official said that the U.S. was rescinding a punitive 25% duty on all imports from India over its purchases of Russian oil that had stacked on top of a 25% ¡°reciprocal¡± tariff rate. U.S.-listed shares of major Indian companies rallied on the news. ?IT consulting firm Infosys closed 4.3% higher, consultancy Wipro rose 6.8%, HDFC Bank gained 4.4% and the iShares MSCI India exchange-traded fund rallied 3%.
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