US lifts 25 % additional tariffs on India over Russian oil imports, signs executive order
PTC News Desk: US President Donald Trump on Friday signed an executive order lifting additional 25 % tariffs imposed on all imports from India over its purchases of Russian oil.
The move comes days after India and US sealed a long-pending trade deal, following nearly a year of trade tensions between the two countries.
"India has committed to stop directly or indirectly importing Russian Federation oil," according to an executive order Trump signed.
The additional 25 percent US duty will be removed at 12:01 am Eastern Time on Saturday.
Other parts of the agreement include removing tariffs on certain aircraft and aircraft parts, according to a separate joint statement released by the White House on Friday.
The statement also said that India plans to buy US energy products, aircraft and parts, precious metals, technology products and coking coal worth $500 billion over the next five years.
The move shows a big cut in US tariffs on Indian goods, which were at 50 per cent late last year.
The deal also reduces tensions between the two countries over India’s oil purchases, which the US claims were helping fund a conflict it wants to stop.
The agreement has helped rebuild close ties between US President Donald Trump and Prime Minister Narendra Modi. Trump has described PM Modi as “one of my greatest friends.”
Experts say the new 18 per cent tariff gives Indian exporters a slight advantage in the US market compared to other countries in the region, which are facing tariffs of around 19 to 20 per cent.
- With inputs from agencies
