Trump announces trade deal with India, reduces tariffs

India and US have finalised the trade deal, US President Donald Trump announced. "Out of friendship and respect for PM Modi...we agreed to Trade Deal between US and India, whereby US will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%," Trump said. Trump had earlier imposed 50% tariffs, which included 25% penalty tariff for purchasing Russian oil.