The US and India struck a trade deal to lower American duties on Indian goods, stabilizing the countries’ relationship after months of strain.
US President Donald Trump, who had hit New Delhi with steep tariffs over its economic ties to Moscow, said Monday that India would stop buying Russian oil in exchange for the tariff reduction, and would replace it with US and Venezuelan oil.
India’s leader, Narendra Modi, said he was “delighted” by the deal, though his government has previously resisted Trump’s threats over purchases of Russian crude: India still imports 1.5 million barrels daily.
The agreement comes days after India signed a massive free trade deal with the EU; it has also pursued closer economic ties with smaller countries like Oman.