President Trump removes 25% import duty on India after trade pact that cuts US tariffs in exchange for halting Russian oil purchases.
WASHINGTON: President Donald Trump signed an executive order on Friday rescinding a punitive 25% duty on all imports from India.
The White House said the move followed a trade deal announced on Monday that slashed US tariffs on Indian goods to 18% from 50%.
In exchange, India agreed to halt its purchases of Russian oil and lower other trade barriers.
READ MORE: Trump announces US-India trade deal, cuts tariffs to 18%
India relies heavily on oil imports, covering around 90% of its needs.
Importing cheaper Russian oil has helped lower its costs since Moscow invaded Ukraine in 2022 and Western nations enacted sanctions.
Recently India has begun to slow its purchases from Russia.
In January, they were around 1.2 million barrels per day, and are projected to decline to about 1 million bpd in February and 800,000 bpd in March, according to a Reuters report.
