Prime Minister Narendra Modi and Donald Trump.
Digital Desk, New Delhi. US President Donald Trump has removed the 25 percent tariff imposed on India on purchasing oil from Russia. He said that India has taken important steps and New Delhi has promised to stop oil imports directly or indirectly from Moscow.
Trump said in an executive order on Friday, "I have received information and recommendations from senior officials regarding India's efforts to deal with the national emergency described in Executive Order 14066. In particular, India has promised to stop importing oil, directly or indirectly, from the Russian Federation. It has stated that it will purchase energy products from the United States. It has recently agreed to a framework with the United States to increase defense cooperation over the next 10 years. "
What decision did Trump take?
The US President said that after considering the information and recommendations given to him, he has determined that India has taken important steps to deal with the national emergency described in Executive Order 14066 and to maintain adequate coordination with the United States on national security, foreign policy, and economic matters. Therefore, I have decided to abolish the additional ad valorem duty rate imposed on imports of goods 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 the reciprocal tariff rate on a long list of goods and can completely remove it on some more items which are not made in the country, provided the negotiations between the two countries are successful.
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