India has agreed to buy petroleum, defence goods, electronics, pharma and telecom products as well as aircraft from the US under a trade deal, a government official told Reuters on Tuesday. US President Donald Trump announced a trade deal with India on Monday that slashes US tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers. ADVERTISEMENTTrump said India agreed "BUY AMERICAN at a much higher level." He said India could buy $500 billion worth of U.S. energy, coal, along with technology, agricultural and other products. Under the deal, India has cut tariffs on automobiles as part of Washington's immediate demand to address the trade imbalance.

Source: The Telegraph February 03, 2026 05:44 UTC