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President Donald Trump rescinded 25% tariffs on Indian goods that had been imposed over Russian oil purchases, stating that New Delhi had “committed to stop instantly or indirectly” importing Russian oil. The two sides just lately announced a framework geared toward lowering tariffs and strengthening economic ties, with a target to finalise the agreement by March. This comes after US President Trump and Prime Minister Narendra Modi announced that India and the US had agreed on a commerce deal that may see tariffs on India reduced from 50% to 18%. Days after the India and the United States announced a ‘historic’ trade deal, the US Customs and Border Protection on Tuesday notified the elimination of 25 per cent extra tariffs on Indian items. Under the just lately announced US–India commerce deal, Washington lowered reciprocal tariffs on Indian textile exports to 18 per cent from the sooner 50 per cent. Stay knowledgeable with the most recent maritime and offshore news, delivered straight to your inbox
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