US President Donald Trump has withdrawn additional 25 percent tariff imposed on Indian goods following India’s oil imports from Russia. The decision was taken on Friday as part of efforts to implement a bilateral trade agreement between the two countries within the week.
An executive order signed by Trump stated that “India has committed to halting direct or indirect imports of oil from Russia.”
The order further mentioned that New Delhi would purchase energy products from United States.
In addition, India has recently pledged to formulate a roadmap to expand defense cooperation with Washington over the next 10 years.
The decision to withdraw the additional 25 percent tariff will take effect from Saturday night.