Prime Minister Narendra Modi (right) with U.S. President Donald Trump at the Hyderabad House, in New Delhi. File
| Photo Credit: PTI
U.S. President Donald Trump announced on Monday (January 2, 2026) that he had reached a trade deal with India, which includes New Delhi’s agreement to halt purchases of Russian oil and increase its imports from the U.S., and potentially from Venezuela.
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In a post on Truth Social, Mr. Trump said India would reduce trade barriers to zero. An additional 25% tariff penalty imposed over India’s refusal to stop buying oil from Russia will be dropped.
“Delighted that Made in India products will now have a reduced tariff of 18%,” PM Modi said in a post on X thanking Mr. Trump. He added, “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation.”
The announcement comes less than a week after India and the European Union announced a landmark trade deal.
Following is the chronology of developments that led to the announcement of the India–U.S. trade agreement.
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Published – February 03, 2026 12:14 pm IST
