Trump announces US-India trade deal after Modi agrees to stop buying Russian oil

US President Donald Trump said Indian Prime Minister Narendra Modi 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," Trump added.

A White House official said the Trump administration is dropping a 25% additional tariffs imposed on Indian imports over its purchases of Russian oil, in addition to lowering a country-specific tariff to 18% from 25%.

India became the top buyer of discounted Russian seaborne crude after the 2022 outbreak of war in Ukraine. 

But the trade drew backlash from Western nations targeting Russia's energy sector with sanctions, saying oil revenues help it fund the war.