US slashes reciprocal tariff on India to 18%

New Delhi: Following a telephonic conversation between PM Modi and US President Donald Trump on Monday, US has agreed to slash reciprocal tariff on India from 25% to 18%. Trump confirmed a trade deal between India and the US. Trump is reported to have said, "PM Modi and I get things done. We agreed to a trade deal effective immediately. Lowering tariff from 25% to 18%."  It is reported that the deal hinges on India stopping Russian oil purchase and agreeing to buy more from the US. (Agencies)

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