President Donald Trump announced on Monday that the United States and India reached a trade agreement, which will lower the tariff rate on goods coming into the U.S. to 18 percent.
In exchange, Indian Prime Minister Narendra Modi has agreed that his country will stop buying Russian oil and will make a $500 billion investment in various U.S. industries and products.
CNN reported that the 18 percent tariff is down from 50 percent, which had included a 25 percent reciprocal tariff that Trump put in place in August to encourage India to stop buying Russian oil.
“It was an Honor to speak with Prime Minister Modi, of India, this morning,” Trump posted Monday on Truth Social. “He is one of my greatest friends and, a
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