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News of the Day February 3, 2026
United States and India Agree to Trade Deal to Lower Tariffs
President Donald Trump said Monday that the United States and India have agreed to a trade deal that would lower tariffs, following a phone call with Indian Prime Minister Narendra Modi.
In a post on his Truth Social platform, Trump said the agreement would reduce U.S. tariffs on Indian goods from 25% to 18% and that India would move to eliminate its tariffs and non-tariff barriers on American products.
He claimed Modi agreed to stop buying Russian oil and instead increase purchases from the United States and potentially Venezuela.
In a separate post on X, Modi confirmed that tariffs on “Made in India” products would be reduced to 18%.
“Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” he 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.”
The U.S.–India trade announcement comes after the European Commission said last week that the European Union and India had concluded negotiations on a free trade agreement (FTA), a deal officials described as creating one of the world’s largest trading zones.