Trump and Modi Announce End to U.S.-India Trade War; Terms Remain Unclear

The economic war between the United States and India ended abruptly on Monday with a pair of social media posts from President Trump and India’s prime minister, Narendra Modi, announcing a truce, the New York Times reported. Mr. Trump wrote that “Our amazing relationship with India will be even stronger” and that “the United States will charge a reduced Reciprocal Tariff, lowering it from 25 percent to 18 percent.” Mr.

Modi posted that the leaders had spoken, praised Mr. Trump as a peacemaker and said the deal “unlocks immense opportunities.” Mr. Trump also claimed India agreed to spend $500 billion in the United States; the Indian side did not immediately mention that commitment. The announcement contrasted with recent measures: most Indian goods have faced a 50 percent tariff since Aug.

6, when Mr. Trump said India should be punished for buying oil from Russia. Stocks in Asia rose on Tuesday, with shares in India up nearly 3 percent, and many officials and business leaders reacted with relief after a year of uncertainty that had complicated planning for exporters — Indian sales to the U.S.

total about $40 billion a year, the report says. Key elements of the deal remain unclear. Mr.

donald trump, narendra modi, u.s.-india trade, reciprocal tariff, 18 percent tariff, 50 percent tariff, india $500 billion claim, indian exports to u.s, russian oil purchases, american dairy products, corn and ethanol trade, sergio gor, rosneft lukoil sanctions