Trump on X: India's 50% IEEPA + Reciprocal Rates to Go to 18%
President Donald Trump announced on social media Feb. 2 that he would be lowering reciprocal tariffs on India from 25% to 18%. A White House official told International Trade Today that the 25% tariff that was imposed under the International Emergency Economic Powers Act to punish India for buying Russian oil also will be removed.
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Trump called Indian Prime Minister Narendra Modi "one of my greatest friends," and said, "Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most."
Trump said that Modi agreed to have Indian firms "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!"
Trump said the tariffs would be reduced "immediately," but a White House spokesperson did not respond to questions about whether there would be a proclamation or executive order later on Feb. 2 to do so. As of press time, no action had been taken to change the rates.
Trump wrote, "They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO."
Modi posted on X: "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."