Trump writes on Truth Social that he’s reducing tariffs on India, which should be another positive for risk appetite:
- Tariffs lowered to 18% from 25%
- India to halt Russian oil imports in favor of US and potentially Venezuelan supplies to reduce conflict funding.
- India to “move
forward” to reduce their tariffs and non tariff barriers against the
United States, to zero
Take all these promises with a bit of a grain of salt, as Trump sometimes puts words into other leaders’ mouths, especially regarding removing non-tariff barriers.
It was an Honor to speak with Prime Minister Modi, of India, this
morning. He is one of my greatest friends and, a Powerful and Respected
Leader of his Country. We spoke about many things, including Trade, and
ending the War with Russia and Ukraine. He agreed to stop buying Russian
Oil, and to buy much more from the United States and, potentially,
Venezuela. This will help END THE WAR in Ukraine, which is taking place
right now, with thousands of people dying each and every week! Out of
friendship and respect for Prime Minister Modi and, as per his request,
effective immediately, we agreed to a Trade Deal between the United
States and India, whereby the United States will charge a reduced
Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move
forward to reduce their Tariffs and Non Tariff Barriers against the
United States, to ZERO. The Prime Minister also committed to “BUY
AMERICAN,” at a much higher level, in addition to over $500 BILLION
DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other
products. Our amazing relationship with India will be even stronger
going forward. Prime Minister Modi and I are two people that GET THINGS
DONE, something that cannot be said for most. Thank you for your
attention to this matter!
