WASHINGTON — President Trump announced a new US-India trade deal Monday after a phone call with Prime Minister Narendra Modi — saying the agreement could help choke off Russia’s war machine in Ukraine.
“He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela,” Trump said of Modi on Truth Social, announcing US tariffs on New Delhi would be slashed to 18%.
“This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!” he added.
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Trump has been urging India — the second-largest purchaser of Russian crude — to divest from Moscow for months as the Kremlin unloaded the fossil fuel at a discount in the face of heavy sanctions from the West.
In August, the president slapped 50% tariffs on all Indian products to pressure Modi to stop buying Russian oil.
Despite the warning, the world’s largest democracy purchased roughly 1.5 million barrels each day, according to global trade data.
Monday represented a breakthrough in that push, with Trump saying Modi “also committed to ‘BUY AMERICAN,’ at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products.”
“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,” Trump went on.
“Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most.”
Trump did not provide a timeline for when India would stop purchasing Russian oil.
Modi lauded Trump as his “dear friend” and welcomed the reduced tariffs in a post to X — but did not mention the suspension of India’s purchases of Russian oil
“Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” the PM wrote. “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation.”
“President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights,” he added.
The Indian government did not immediately respond to a request for more information confirming the Russian oil divestment.
Venezuela’s crude could be a viable alternative for India, which has oil refineries that specialize in the thick, sludge-like product it has been purchasing from Moscow.
Trump last month said he intended to sell “between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil” at market price.
The price per barrel of crude oil dropped from roughly $65 on Friday to around $61 on Monday after word of Trump’s impending deal with India broke on Saturday.
China remains the world’s largest purchaser of Russian oil. While Trump did not issue tariffs on Beijing for its purchases of Moscow’s crude, the president suggested over the weekend that he would be open to a deal with Beijing on purchasing Venezuelan oil.
“China is welcome to come in,” he said, “and would make a great deal on oil.”
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