US lifts tariffs on India in exchange for refusing Russian oil

The US is lifting 25% tariffs on Indian goods following New Delhi's promise to stop purchasing Russian oil. Trump signed the corresponding executive order. The tariff rate on Indian goods will now be 18%.

The US and India also signed a framework agreement on mutually beneficial trade. Under it, New Delhi will eliminate or reduce tariffs on all US industrial goods, while Washington will eliminate tariffs on certain Indian aircraft and aircraft components.

Furthermore, India has committed to purchasing energy products, precious metals, technology products, and other goods worth $500 billion from the United States over five years.