U.S. President Donald Trump on Monday announced a new trade agreement with India that will see Washington reduce tariffs on Indian imports, after New Delhi pledged to stop buying Russian oil and increase purchases from the U.S. and potentially Venezuela.
Trump said he reached the agreement during a call with Indian Prime Minister Narendra Modi, describing the decision as made “out of friendship and respect”. Under the deal, the U.S. will lower its reciprocal tariff on Indian goods from 25% to 18%.
A White House official later confirmed that Washington will also drop a separate 25% penalty tariff imposed last year over India’s Russian oil purchases, following Modi’s commitment to phase out those imports. India currently brings in around 1.5 million barrels of Russian crude per day, making any transition a substantial logistical shift.
Trump said Modi also committed to buying more than $500 billion worth of U.S. energy, technology, agricultural products and other goods. He added that India would reduce tariffs on U.S. goods to zero and remove certain non-tariff barriers, though neither government has clarified which sectors would be affected.
Replacing Russian crude may take time. Venezuelan oil matches Russian grades, but the country’s infrastructure is severely weakened and would need significant investment to restore previous production levels.
India is not among the largest U.S. trading partners, but the tariff cut remains notable. The U.S. imported $95.5 billion in Indian goods in 2025 and exported $42 billion, according to Census Bureau data.
The agreement comes as Washington steps up diplomatic and economic pressure on global buyers of Russian oil, which remains one of Moscow’s main sources of wartime revenue.
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