America and India strike a long-awaited trade truce
After months of trade friction America has agreed to slash tariffs on India. In return, India will halt its purchases of Russian oil, President Donald Trump announced on February 2nd. America’s “reciprocal” tariff on Indian goods will fall from 25% to 18%, said Mr Trump. An additional 25% levy, imposed in August as punishment for India’s purchases of Russian crude, will be lifted altogether, according to American officials.
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