Good news for India on the trade deal! Trump lifts 25% tariff on oil purchases from Russia.

News Topical, Digital Desk : US President Donald Trump has lifted the 25 percent tariff imposed on India for purchasing oil from Russia. He said India has taken important steps and New Delhi has promised to stop importing oil directly or indirectly from Moscow.

"I have received information and suggestions from senior officials regarding India's efforts to address the national emergency described in Executive Order 14066. Specifically, India has pledged to cease oil imports, directly or indirectly, from the Russian Federation . It has indicated that it will purchase energy products from the United States. Recently, it agreed to a framework to enhance defense cooperation with the United States over the next 10 years," Trump said in an executive order on Friday.

What decision did Trump take?

The US President said that after considering the information and recommendations provided to him, he has determined that India has taken significant steps to address the national emergency described in Executive Order 14066 and to adequately coordinate with the US on national security, foreign policy, and economic matters. Therefore, I have decided to waive the additional ad valorem duty rate imposed on imports from India .

What was said in the joint statement?

The US-India joint statement said India will remove tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruits, soybean oil, wine and spirits, and other products.

The joint statement further said that in return, the US will reduce reciprocal tariff rates on a long list of goods and may completely remove them on some other items that are not manufactured in the country, provided the talks between the two countries are successful.

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