Good news for India after trade deal announcement, Trump removes 25 percent tariff on oil purchases from Russia

New Delhi (The Uttam Hindu): In a major relief for India, US President Donald Trump has withdrawn the additional 25 percent tariff imposed on India over the purchase of oil from Russia. Trump stated that India has taken significant steps in this direction and has assured the United States that it will stop direct and indirect imports of Russian oil.

In an executive order issued on Friday, Trump said he received detailed inputs and recommendations from senior officials. Based on this information, it was concluded that India has made serious efforts to address the national emergency outlined in Executive Order 14066. India has committed to ending oil imports from Russia and increasing the purchase of energy products from the United States.

Trump further noted that after reviewing the available information, it was determined that India has taken meaningful steps to align with the US on national security, foreign policy, and economic matters. As a result, the US decided to remove the additional ad valorem duty imposed on Indian goods.

Meanwhile, the India–US joint statement said that India will eliminate tariffs on a wide range of American industrial, food, and agricultural products. These include dried distillers grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruits, soybean oil, wine, spirits, and other items.

In return, the United States will also reduce reciprocal tariff rates on a long list of goods. It will additionally consider removing tariffs entirely on certain products that are not manufactured in the US, subject to the success of ongoing bilateral negotiations.