00:00U.S. President Donald Trump on Monday says he agreed to a trade deal with India that cuts U.S. tariffs on Indian goods from 50 percent to 18 percent.
00:11In exchange, India will lower its trade barriers and halt the purchasing of Russian oil, buying from the United States and potentially Venezuela instead.
00:20A White House official told Reuters that the U.S. is removing a punitive 25 percent duty on all imports from India that it had levied over purchases of Russian oil.
00:28That had stacked on top of another reciprocal tariff of 25 percent.
00:34He added that Indian Prime Minister Narendra Modi also committed to buying more than $500 billion worth of U.S. energy, technology, agricultural and other products.
00:44U.S.-listed shares of major Indian companies rallied on the news.
00:48Trump on Saturday had teased a potential deal for India to buy Venezuelan oil.
00:53After the U.S. seized Venezuelan President Nicolas Maduro in a military raid in early January.
01:00The deal comes after months of tense trade negotiations between the world's two largest democracies.
01:06Last August, Trump doubled duties on imports from India to 50 percent to pressure New Delhi to stop buying Russian oil.
01:13And earlier this month, Trump said the rate could rise again if India did not curb its purchases.
01:19Purchases of Venezuelan oil would help replace some of the Russian oil bought by India, the world's third biggest oil importer.
01:27Indian markets have been battered since the tariffs were levied by Washington, making it the worst performing market among emerging nations in 2025.
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