President Donald Trump removed a 25 percent punitive tariff on all imports from India over its purchases of Russian oil, the White House announced Friday.
“The Interim Agreement between the United States and India will represent a historic milestone in our countries’ partnership, demonstrating a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes,” the two countries said in a joint statement.
Trump agreed to slash U.S. tariffs on Indian goods to 18 percent from 50 percent in exchange for India halting its purchases of Russian oil and opening markets to American goods.
India was buying about one-third—around 1.215 million barrels per day—of its total oil imports from Russia, the country’s top supplier of crude. The volume dropped in January under pressure from Western sanctions as refiners looked for alternative suppliers….