India Nears Trade Deal To Cut US Tariffs On Indian Imports To 15–16%: Report

New Delhi: India and the United States are nearing a long-delayed trade deal that would reduce US tariffs on Indian imports from 50% to between 15% and 16%, according to a report by Mint.

The deal, which centres on energy and agriculture, may also see India gradually scale back its imports of Russian crude oil. As part of the agreement, India may allow increased imports of non-genetically modified US corn and soymeal, Mint reported.

The finalisation of the bilateral trade deal is likely to be announced at the ASEAN Summit, scheduled to be held later this month.

US President Donald Trump said on Tuesday that he had spoken to Prime Minister Narendra Modi, with their discussion focusing largely on trade.

Trump said energy was also a key topic, and that Modi had assured him India would limit its oil purchases from Russia. Prime Minister Modi also confirmed the conversation took place, though he did not share specific details about what was discussed.

“I spoke to Prime Minister Modi today and we just have a very good relationship. He’s not going to buy much oil from Russia. He wants to see that war (between Russia and Ukraine) end as much as I do. They’re not going to be buying too much oil," Trump said at a Diwali event held at the White House, where he lit a diya (lamp) in the Oval Office.

PM Modi On Trump's Call

“Thank you, President Trump, for your phone call and warm Diwali greetings. On this festival of lights, may our two great democracies continue to illuminate the world with hope and stand united against terrorism in all its forms," PM Modi said on X.