Overview
- Trump said U.S. tariffs on Indian goods would drop to 18% and a senior U.S. official confirmed the separate 25% surtax on many items is ending.
- Modi thanked Trump and highlighted the lower tariff rate but did not confirm a halt to Russian oil purchases or a pledge to buy $500 billion in U.S. goods.
- The Kremlin stated it has received no indication from India that Russian oil imports will cease.
- Indian markets rallied on the news, with the benchmark index jumping at the open and the rupee strengthening.
- Exporters voiced relief while analysts cautioned that outcomes depend on formal joint texts and detailed terms that have yet to be published.