Trump plans to lower tariffs on Indian goods to 18% after India agreed to stop buying Russian oil

President Donald Trump said Monday that he plans to lower tariffs on goods from India to 18%, from 25%, after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil.

The move comes after months of Trump pressing India to cut its reliance on cheap Russian crude. India has taken advantage of reduced Russian oil prices as much of the world has sought to isolate Moscow for its February 2022 invasion of Ukraine.

Trump said that India would also start to reduce its import taxes on U.S. goods to zero and buy $500 billion worth of American products.