'Wonderful announcement': Modi on US cutting tariffs on Indian goods
Prime Minister Modi just confirmed a big trade breakthrough with the US after a call with President Trump.
The highlight: tariffs on Indian goods heading to America are dropping from 25% to 18%.
Modi said, "Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement."
India to spend over $500 billion on American energy, tech
India will spend over $500 billion on American energy, tech, agriculture, and more.
In return, India has agreed to move toward reducing tariffs and non-tariff barriers on US products to zero.
Plus, that extra 25% penalty for buying Russian oil? That's gone too.
Significant tariff reduction for India
This is a milestone for India-US ties—it's a significant tariff reduction for India.
The new rate stands at 18%.
Negotiations were tough, especially after earlier tariff hikes and penalties.
First step toward comprehensive trade agreement: US Chamber of Commerce
US Chamber of Commerce President Suzanne Clark said this will help companies and workers in both countries and called it "We are optimistic that this is the first step toward a comprehensive trade agreement that will unlock even more private sector collaboration..."