Trade deal has been agreed between India and America.
An agreement has been reached between India and America regarding trade deal. US President Donald Trump gave this information by posting on Truth Social late Monday evening. Trump said that he will reduce the tariff on Indian goods from 50% to 18%. Apart from this, Trump has claimed that India has agreed to buy oil from Venezuela and stop importing oil from Russia, however, there has been no official statement from India on oil purchase. But it is believed that India will no longer continue purchasing oil from Russia.
According to sources, India will continue to buy crude oil on rate basis wherever there is no restriction in the world. This means that India will no longer buy oil from Russia. Didn’t buy when there was embargo on Venezuela. Now there is no restriction so oil will be purchased from Venezuela. The big thing is that there has been no compromise with the interests of farmers in the India-America trade deal. The sensitive areas in agriculture and dairy that were protected will continue to be so.
America kept raising the issue of Russian oil again and again
Announcing an agreement on Tuesday, Trump said, India has agreed to stop buying oil from Russia and buy more oil from America. This statement came after more than a year of ongoing trade tension between the two countries. Trump has repeatedly raised the issue of Russian oil imports into India. During this time, amidst the ongoing war in Ukraine, Trump openly put pressure on India to reduce oil purchases from Russia and several times threatened to impose higher tariffs. He warned that tariffs would be increased and even said that India does not care how many people are being killed in Ukraine by the Russian war machine.
Will India buy oil from Venezuela?
Trump posted on Truth Social: It was an honor to speak to Prime Minister of India Modi this morning. He is one of my best friends and a strong and respected leader of his country. We talked about a wide range of issues, including trade and ending the Russia-Ukraine war. They have agreed to stop buying oil from Russia and buy more oil from the US and possibly also from Venezuela.