Donald Trump claimed India has agreed to stop buying Russian oil as he announced plans to cut US tariffs on Indian exports.The US president announced that he and Indian prime minister Narendra Modi, whom he proclaimed to be “one of my greatest friends”, had agreed to strike a trade deal.While full details have yet to be disclosed, Trump claimed that India – the second largest purchaser of Russian crude – had agreed to stop buying Russian oil, after many months of pressure from the US.After a call with Modi ...

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 ...

US President Donald Trump announced on Monday that the United States and India have agreed to a landmark trade deal following a phone call with Prime Minister Narendra Modi. The centerpiece: the Ameri... ...

🇮🇳 NOW: Trump says he reached a U.S.–India trade deal lowering U.S. reciprocal tariffs from 25% to 18%.He also said Prime Minister Modi agreed to reduce tariffs and non-tariff barriers to zero, buy over $500B in U.S. goods, and stop buying Russian oil. https://t.co/SLjMFbUOaz ...

From @WSJopinion: India needs deeper economic liberalization. The revival of a trade deal once deemed dead in the water is good news for both the EU and India, writes @dhume.https://t.co/hVVXeqKtBJ ...

From @WSJopinion: India needs deeper economic liberalization. The revival of a trade deal once deemed dead in the water is good news for both the EU and India, writes @dhume.https://t.co/XsOhkUTDxg ...

Trade Relations with China and Canada - China plans to export approximately 50,000 cheap cars to Canada, which could potentially enter the US market under the USMCA agreement [2] - The US trade policy will impose hefty tariffs on these vehicles if they are of Chinese origin, with the president considering a 100% tariff [3][4] - The US has provisions in the USMCA that could allow for Canada to be excluded from the deal if it engages in a comprehensive trade agreement with China [5] Trade Deal between India and the European Union - The EU is seeking to establish a trade deal with India as a response to US trade policies that prioritize domestic production [7] - India is expected to benefit significantly from this deal, gaining more market access to Europe and potentially additional immigration rights for Indian workers [8] - The EU's need for alternative markets is highlighted by their dependency on trade, especially as they face challenges in exporting to the US [8] US-EU Trade Deal Update - A framework for a US-EU trade deal was agreed upon, which includes $600 billion in investment and a commitment to reduce tariffs on industrial goods to zero [12][13] - The European Parliament has paused the bill to lower tariffs, but discussions are ongoing, and there is optimism about passing the bill soon [14][15] - Despite some unresolved issues, the US has modified its tariffs for Europe, and there is a positive outlook for the trade deal's implementation [16] South Korea Trade Relations - South Korea has not fulfilled its commitments under a trade deal, leading to the imposition of additional tariffs by the US [17][18] - The US has reduced tariffs for South Korea from 25% to 15% as a gesture of goodwill, but South Korea has not executed its part of the agreement [18][19] - The trade deficit with South Korea has increased significantly, from $25 billion in 2020 to $65 billion, indicating an unsustainable economic imbalance [22] Currency Practices and Trade Competitiveness - There is skepticism regarding the currency practices of countries like China and India, with concerns that they may deliberately weaken their currencies to enhance export competitiveness [24][25] - The Chinese central bank's control over currency valuation is acknowledged, and it is suggested that some countries may be engaging in practices to weaken their currencies against the US dollar [25]

Group 1 - India is considering reducing car import duties under a proposed trade deal with the European Union, with tariffs on select European vehicles potentially dropping to 40% from current rates as high as 110% [1][2] - A specific group of cars priced above €15,000 (approximately Rs1.63 million) would see immediate tariff relief, with duties eventually decreasing to 10% [1][3] - The proposed changes aim to enhance bilateral trade and support Indian exporters facing high US tariffs, particularly in textiles and jewellery [2] Group 2 - The Indian car market is the third-largest globally, with current import duties ranging from 70% to 110%, and European brands hold less than 4% of the 4.4 million-unit passenger car market [2][4] - Annual car sales in India are projected to reach six million by 2030, prompting companies like Renault and Volkswagen Group to prepare new investment plans [4] - The government may allow around 200,000 petrol and diesel cars annually to enter at the reduced 40% tariff rate, while battery electric vehicles (BEVs) will not benefit from lower tariffs for five years [3]

Core Point - India and the European Union have finalized a significant trade deal that will encompass a quarter of the global economy, as stated by Indian Prime Minister Narendra Modi, aiming to mitigate unpredictable relations with the U.S. [1] Group 1 - The trade deal between India and the European Union is described as landmark, indicating its importance in the global economic landscape [1] - The agreement is expected to represent 25% of the world's economy, highlighting its substantial impact [1] - The motivation behind the deal includes a strategic move to hedge against uncertain ties with the United States [1]

Trump threatened to hike tariffs on goods from South Korea to 25%, citing what he said what the failure of the country’s legislature to codify their trade deal reached last year https://t.co/RWJJ6DHX8p ...