Prime Minister Narendra Modi (proper) with U.S. President Donald Trump on the Hyderabad Home, in New Delhi. File
| Picture Credit score: PTI
U.S. President Donald Trump introduced on Monday (January 2, 2026) that he had reached a commerce cope with India, which incorporates New Delhi’s settlement to halt purchases of Russian oil and enhance its imports from the U.S., and probably from Venezuela.
Additionally learn: India-U.S. commerce deal LIVE
In a submit on Fact Social, Mr. Trump stated India would cut back commerce limitations to zero. A further 25% tariff penalty imposed over India’s refusal to cease shopping for oil from Russia will probably be dropped.
“Delighted that Made in India merchandise will now have a decreased tariff of 18%,” PM Modi stated in a submit on X thanking Mr. Trump. He added, “When two giant economies and the world’s largest democracies work collectively, it advantages our folks and unlocks immense alternatives for mutually helpful cooperation.”
The announcement comes lower than every week after India and the European Union introduced a landmark commerce deal.
Following is the chronology of developments that led to the announcement of the India–U.S. commerce settlement.
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Printed – February 03, 2026 12:14 pm IST