India's Modi lauds interim trade pact after US tariff rollback

NEW DELHI

Indian Prime Minister Narendra Modi on Feb. 7 hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts U.S. "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of U.S. energy and industrial goods.

U.S. President Donald Trump, while announcing the deal on Feb. 3, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases, which Washington says fund a conflict it is trying to end, and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Feb. 7, praising Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced last week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.