India Rejects Russian Oil Amid Trump's Diplomacy

The President of the United States, Donald Trump, has canceled the additional 25% tariff on Indian goods. Bloomberg reports that in exchange, India has committed to cease purchases of Russian oil. After the removal of the additional tariff, the tariff rate on Indian goods now stands at 18%.

Earlier, the United States and India signed a framework agreement regarding mutually beneficial trade. According to the agreement, New Delhi will eliminate or reduce tariffs on all American industrial products, while Washington will remove tariffs on Indian aircraft and their components.