00:00The U.S. and India have struck a deal.
00:03President Donald Trump says Washington will cut tariffs on Indian goods from 50% to 18%.
00:10In return, he says India has agreed to stop buying Russian oil.
00:14Trump also says India will zero out trade barriers against the U.S. and buy $500 billion worth of American energy as well as agricultural and technology products.
00:25The breakthrough came after a phone call between Trump and Prime Minister Narendra Modi.
00:30Dialing down months of trade tensions between the two countries.
00:34The tariff cut pulls down India's rate from one of the highest rates globally to one that's roughly in line with most of Southeast Asia.
00:42It's also a win for Modi.
00:44The U.S. is India's biggest export market and economists say the deal is likely to give a lift to GDP.
00:50Indian stocks and the rupee shot higher immediately after the deal was announced.
00:55And market watchers are expecting foreign investors to resume buying Indian assets.
01:00As for Russian oil, India has already scaled back its purchases.
01:04But it's still importing as much as a million barrels a day.
01:07Trump says those imports will end, although exactly how and when remains unclear.
01:13The American president has been pushing the idea that India will buy Venezuelan oil instead.
01:18India is coming in and they're going to be buying Venezuelan oil.
01:23And Reliance Industries, India's biggest private importer of Russian oil, has already signaled that it's open to doing just that.
01:30Thank you for your sake, Steve.
01:31I'll go forward to my next question.
01:32Thank you very much.
01:33Thank you very much.
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