India US Trade Deal LIVE Updates: India unlikely to cease all Russian oil purchase, says Moody's

India-US trade deal LIVE updates: Unhappy over how the India-US trade agreement was announced and decided, Congress MP Karti Chidambaram said on Tuesday that it undermines India’s sovereignty as the US appears to be deciding India’s trade and oil partners, and called for a relationship based on mutual trust and respect.

“If the President of America can decide whom India will trade with, it looks like we don’t seem to be having an independent grip on our international affairs. Ame rica is deciding that India will stop buying oil from Russia. We just had the Russian President over for a state dinner…This is unprecedented. We are a sovereign country, and we should decide what is best for our interests. We need America and America needs us, but it must be a relationship based on mutual trust and respect,” Chidambaram told news agency ANI.

India-US trade deal LIVE updates: The trade deal announcement was first made by US President Donald Trump, who said that Prime Minister Narendra Modi agreed during a phone call to stop buying Russian oil. Modi, without using the term “trade deal”, thanked President Trump “on behalf of the 1.4 billion people of India” for the “wonderful announcement” of slashing tariffs from 25 per cent to 18 per cent.

The trade deal, which home minister Amit Shah and others in the central government confirmed apart from Trump, follows months of negotiations that involved meetings in both New Delhi and Washington and phone calls between PM Modi and the US President. Click here to read how India focused on resilient economy in run-up to US trade deal.

India-US trade deal LIVE updates: Commerce Minister Piyush Goyal returning to Delhi, likely to make statement on India-US trade deal in Parliament on Tuesday, news agency PTI reported citing sources

India-US trade deal LIVE updates: India’s ambassador to the US Vinay Mohan Kwatra called the trade agreement a “big win for a consequential partnership under the leadership of Prime Minister Narendra Modi @narendramodi and President Donald Trump @POTUS.”

“India and USA announce trade deal creating vast new opportunities for the two economies and the people of our two great nations. Today’s announcements herald an exciting new phase in our partnership,” he added.

India-US trade deal LIVE updates: Congress MP Ujjwal Raman Singh expressed his disappointment with the trade deal between India and the US and told news agency PTI, “I don’t consider this good because through this deal, the Indian government has played with the dignity of the Indian people and their self-confidence. India is a sovereign nation, he (Trump) announced on his social media account that India would now buy oil from Venezuela, not from Russia. What power does he have to tell us where we will buy oil from?”

India-US trade deal LIVE updates: Hailing the India-US trade agreement, UP CM Yogi Adityanath said, “A landmark moment for the India–US economic partnership. A major boost to #MakeInIndia, as Indian products will gain wider global market access, creating fresh opportunities for Indian youth and MSMEs. Thank you, Hon. PM Shri @narendramodi Ji, for your decisive and determined leadership in advancing stronger India-US ties. This milestone reflects rising global confidence in Made in India and reinforces India’s position as a key driver of global growth.”

India-US trade deal LIVE updates: India has agreed to buy petroleum, defence goods, electronics, pharma and telecom products as well as aircraft from the U.S. under a trade deal, a government official told Reuters on Tuesday.

The Indian government official, who did not want to be named, said India has agreed to buy U.S. goods to reduce the trade deficit that the U.S. has with India.

India’s trade ministry did not immediately reply to an e-mail seeking comment.

India’s exports to the U.S. rose 15.88% year-on-year to $85.5 billion in January-November, while imports stood at $46.08 billion, commerce ministry data showed. (Reuters)

India-US trade deal LIVE updates: India’s seafood exports to the United States are expected to recover, following months of declining shipments, after Washington agreed to cut tariffs to 18 per cent from 25 per cent, the Seafood Exporters Association of India (SEAI) said on Tuesday.

Fish exports to the US fell 15 per cent by volume to 201,501 tonnes in the April-November period of the current fiscal year, while value declined 6.3 per cent to USD 1.72 billion from USD 1.84 billion a year earlier, SEAI General Secretary K N Raghavan said. (PTI)

India-US trade deal LIVE updates: Financial analysis firm Moody’s said on Monday that India is unlikely to cease all crude oil purchases from Russia immediately, which could be disruptive to India’s economic growth.

This comes day after US President Trump claimed that India has agreed to stop buying Russian oil and purchase more from the US and potentially Venezuela as part of the trade deal between US and India.

India-US trade deal LIVE updates: BJP-led National Democratic Alliance MPs felicitated PM Modi for the India-US trade agreement, at NDA Parliamentary party meeting in Parliament premises.

India-US trade deal LIVE updates: The Indian Rice Exporters Federation (IREF) on Tuesday expressed optimism over a proposed reduction in United States import tariffs on Indian goods to 18 per cent, down from the earlier 25 per cent.

The federation expects this move to restore price parity with competing nations and significantly boost shipment volumes.

According to IREF National President Prem Garg, the revised tariff structure would place India on a par with competitors like Thailand and Pakistan, which currently face duties of approximately 19 per cent.

“The move to lower tariffs from the earlier 25 per cent to 18 per cent is a significant victory for price parity. This effectively neutralised the duty disadvantage we faced against competitors like Thailand and Pakistan.

(Via PTI)

India-US trade deal LIVE updates: Home minister Amit Shah said on Monday that the US-India trade deal will elevate the strategic partnership between the two countries, paving the way for stronger trade ties and mutual growth.

In a post on X late Monday, Shah said the deal will greatly benefit both nations and their people, with business between India and the US set to flourish further.

“A big day for India-US relations as the trade deal has been locked with a significantly reduced tariff of 18 per cent, paving the way for stronger trade ties and mutual growth,” he said.

India-US trade deal LIVE updates: It was Sergio Gor who posted a teaser ahead of the announcement: “President Trump just spoke with Prime Minister Modi. STAY TUNED.”

Within hours, Trump’s Truth Social post dropped, in which he declared the tariff cut, a deal, and claimed that India will buy $500 billion worth of US goods and cut tariffs on American goods to zero.

Modi posted after this on X, confirming the deal, but not commenting on Trump’s big claims about what India promised in return.

After this, Gor posted, “As I have said many times, President Trump genuinely considers Prime Minister Modi a great friend! Thrilled by the news of the trade deal this evening. The relationship between the United States and India has LIMITLESS POTENTIAL!” — deploying all-capital letters for emphasis, just like his boss.

Gor was asked on TV about Trump’s claims that India had promised to cut its tariffs to zero in return for the deal.

He said nitty-gritty would be worked out.

“I will leave that to the trade negotiators. As you know, ambassadors don’t necessarily have in their portfolio the trade deal. But overall, this is incredible news — 18%. There’s a lot of demand. The United States is open for business under President Trump. It’s a new era,” he said, not sharing details.

He stressed: “I’m thrilled… We have incredible deals ahead; and so I said since I’ve arrived here. The best is yet to come.”

India-US trade deal LIVE updates: On Tuesday morning, day after India-US trade agreement was announced, the stock markets registered a sharp jump.

As of 9.43 am, the BSE jumped 2,134.54 points at 83,801.00 and NSE jumped 636.60 points to 25,725.00

India-US trade deal LIVE updates: Hailing the trade agreement between New Delhi and Washingtob, Nitin Gadkari wrote on X, “Today marks a defining step forward in India-US economic relations as the trade deal is finalised with tariffs reduced to 18%, opening new avenues for growth and cooperation. My heartfelt congratulations to PM Narendra Modi and President Donald Trump for their leadership in securing this historic outcome. The agreement strengthens trust, boosts business confidence, and sets the stage for deeper trade, investment, and shared prosperity for both nations.”

India-US trade deal LIVE updates: Born Sergey Gorokhovsky in 1986 in Tashkent, Uzbekistan (then the Uzbek Soviet Socialist Republic), he was later named Sergio Gor for short. The family lived in Malta before moving to the US near the end of the last century. Gor’s parents are of Russian descent; his mother held Israeli nationality too.

Gor’s journey to becoming one of Trump’s most trusted advisers reads like an unlikely American success story. After he spent his childhood in Malta, he became a citizen of the US only in the 1990s as his parents moved to the country.

A graduate of George Washington University (2008), where he earned a bachelor’s degree in political science and international affairs, Gor built his career methodically through conservative and Republican circles, starting with Senator Rand Paul’s office, where he worked before coming into realtor-cum-reality TV star-cum-politician Donald Trump’s orbit. Read more.

India-US trade deal LIVE updates: BJP’s national president Nitin Nabin on Monday praised the recent India-US trade deal, calling it ‘highly commendable’.

He appreciated PM Modi for his ‘able leadership’ and said that the deepening ties between the two countries would have a ‘very positive and far-reaching impact’.

“This decision will serve as a medium to give new momentum to the progress of the Indian economy. It will also infuse fresh energy into the Atmanirbhar Bharat and Make in India campaigns,” he wrote on X.

India-US trade deal LIVE updates: Congress leader Jairam Ramesh did not receive well the US President’s announcement of the trade deal and criticised that Trump was making critical announcements related to India.

“He announced the halt of Op Sindoor from Washington DC. He announced the updates on India’s oil purchases from Russia and Venezuela from Washington. He’s now announced an India-US Trade Deal from Washington, the full details of which are awaited,” Ramesh said.

“President Trump clearly seems to have some leverage over Prime Minister Modi – who is now mortified of even being seen with him, let alone engage in the usual bout of hugs. It appears Mr. Modi has capitulated finally. Surely this cannot be the father of all deals. In Washington clearly Mogambo Khush Hai,” he added.

Trump’s announcement came after US Ambassador to India Sergio Gor took to social media platform X, informing that US President Donald Trump has spoken to Prime Minister Narendra Modi. “President Trump just spoke with Prime Minister Modi. STAY TUNED…” Gor said in the post.

Gor’s remark came an hour after Trump shared posts on Truth Social in connection to India and PM Modi. The US President posted a photo of the India Gate. “India’s beautiful Triumphal Arch. Ours will be the greatest of them all!”

India-US trade deal LIVE updates: US President Donald Trump on Monday announced a trade deal with India and claimed that New Delhi agreed to stop buying Russian oil and to buy more from the US and, potentially, Venezuela.

Here is the timeline of events since Trump imposed a 50% tariff on Indian goods being shipped to the US.

2025

April 2, 2025 — The US imposed a 26% “reciprocal tariff” on several Indian imports as part of its global “liberation day” tariff actions.

April 10 – Trump paused the tariffs for 90 days and maintained a 10% duty on all U.S. imports.

July 31 – Trump announced a 25% tariff on all Indian goods and said it would levy a penalty if India continued to buy Russian oil.

August 7 – Trump boosted tariffs to 50% on Indian goods being shipped to the U.S., citing the Asian country’s continued purchase of Russian oil. The tariff on Indian goods was the highest among US trade partners.

India-US trade deal LIVE updates: Finance minister Nirmala Sitharaman said that it was a good news for ‘Made in India’ products to face lesser tariffs in the US.

“Good news for #MadeInIndia products. They will now face reduced tariff of 18%. Thanking the leadership of PM @narendramodi and @POTUS for this development. People of our two large democracies stand to benefit,” she added.

India-US trade deal LIVE updates: US Chamber of Commerce President and CEO Suzanne P. Clark congratulated India and the US on the reduction of tariffs and non-tariff barriers.

“We congratulate the U.S. and Indian governments on their announcement to reduce tariffs and non-tariff barriers that will benefit American and Indian companies and workers in both great nations,” she said.

“We are optimistic that this is the first step toward a comprehensive trade agreement that will unlock even more private sector collaboration, and we look forward to reviewing the details of the deal,” she added.

India-US trade deal LIVE updates: While announcing the trade deal between India and the US, PM Modi thanked Trump on behalf on Indians and hailed his efforts for peace and stability across the globe.

“Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement.

When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation.

President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace.

I look forward to working closely with him to take our partnership to unprecedented heights,” PM Modi wrote on X.

India-US trade deal LIVE updates:

– US to cut reciprocal tariffs on Indian goods from 25% to 18%

-PM Modi confirmed the 18% tariff rate in a public post

-Trump says a new US–India trade deal is effective immediately

-Trump claims India will buy over $500 billion in US goods

-Trump claims India will reduce tariffs and non-tariff barriers to zero

-Trump claims India will stop buying Russian oil and shift purchases to US and possibly Venezuela

-PM Modi’s tweet confirms tariff relief but does not mention oil or purchase commitments

India-US trade deal LIVE updates: US President Donald Trump announced the trade deal through a post on Truth Social.

The full text of his lengthy post read,

“It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to “BUY AMERICAN,” at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!”