India-US trade deal LIVE updates: Stock markets jump day after trade agreement announced

INdia-US merchandise merchandise unrecorded updates: republic of india and the United States reached a much-anticipated trade deal after multiple rounds of negotiations as PM Modi and President Donald Trump announced the deal on Monday evening, prelude of which was given by the US ambassador to India, Sergio Gor, just hours ahead.Under the deal, the US President said that India has agreed to stop buying oil from Russia and to buy more oil from the United States and potentially Venezuela. On the other hand, the tariffs on India exports to the US have been reduced to 18% from 25%.While the post by President Trump on Truth Social only talked about the reciprocal tariffs, a While House official confirmed to HT that the other 25%, which was imposed as a penalty on India for buying Russian oil, will be dropped “as part of India’s agreement to cease Russian oil purchases”. “Final tariff will be 18%,” the official said.The deal was concluded after both the leaders spoke on Monday. While PM Modi shied away from mentioning trade deal, ministers including Ashwini Vaishnaw and Piyush Goyal confirmed on X that a trade deal has been agreed upon.India-US trade deal LIVE updates | Key pointsWhat PM Modi saidAfter US President Donald Trump announced the deal through his Truth Social account, PM Modi took to X (formerly Twitter) and said that it was “wonderful” to speak to his “dear friend” President Trump and thanked on behalf of Indians.“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,” PM Modi wrote.“When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation. President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights,” he added.What Donald Trump saidWhile announcing the deal, US President Donald Trump called PM Modi one of his “greatest friends” and said that the two leaders discussed not just trade but also how to end the Ukraine Russia war.“He agreed to 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 wrote.He added that both the nations agreed to a Trade Deal between the United States and India, “whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%.”“They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to "BUY AMERICAN," at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!” he added.