Summary
- US President Donald Trump said India will stop buying Russian crude oil and expand purchases of crude from the United States and Venezuela.
- Trump said he agreed to a US-India trade deal that would lower reciprocal tariffs on India from 25% to 18%.
- Trump said purchases of Russian crude oil by India and Europe have served as a source of funding for Russia’s war in Ukraine, and he has urged them to stop.
US President Donald Trump said on the 2nd (local time) that India has decided to stop buying Russian crude oil, adding that Washington will accordingly lower reciprocal tariffs on India from 25% to 18%.
Trump said on social media platform Truth Social that he spoke with Indian Prime Minister Narendra Modi earlier in the day and discussed a range of issues including trade and ending the Russia-Ukraine war.
He added, "Prime Minister Modi agreed to stop buying Russian crude and to buy much more (crude) from the United States and, potentially, from Venezuela," saying, "This will help bring an end to the Ukraine war that is taking thousands of lives every week."
He continued, "Based on friendship and respect for Prime Minister Modi, and at his request, I agreed to a US-India trade deal that takes effect immediately," adding, "The United States will cut reciprocal tariffs (on India) from 25% to 18%."
Trump has urged India and Europe, among others, to halt purchases of Russian crude, arguing they serve as a source of funding for Russia’s war in Ukraine.
He has imposed steep tariffs on India over its purchases of Russian crude.
Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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