US Lifts Additional 25% Tariff on India Over Russian Oil Purchases

The United States has announced the withdrawal of an additional 25 percent tariff imposed on India over its purchase of Russian oil, a move aimed at facilitating the implementation of a newly announced bilateral trade agreement between the two countries.

According to a report by The Economic Times, the decision will take effect from 12:01 a.m. on Saturday.

In an executive order, US President Donald Trump said that New Delhi has agreed not to purchase oil from Moscow, either directly or indirectly. He also stated that India has pledged to increase its reliance on US energy supplies.

President Trump further noted that India has agreed to a framework to expand defense cooperation with the United States over the next decade.

Earlier, Washington announced a trade agreement aimed at reducing tariffs on Indian goods. Under the agreement, the US will gradually lower its reciprocal tariff rate on Indian products from 25 percent to 18 percent, with the reductions to be implemented in phases.