Oil Prices Forecast as India Drops Russian Oil Under U.S. Deal
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U.S. President Donald Trump on Monday said the United States has reached a new trade agreement with India, marking a potential thaw in relations after a year of tariff hikes and diplomatic tension. In a post on Truth Social, Trump said Washington would reduce tariffs on Indian goods from 25% to 18% as part of the deal. According to Trump, the agreement also includes major commitments from New Delhi, including a pledge to stop purchasing Russian oil and to buy $500 billion worth of U.S. energy and technology products over time. Indian authorities have not yet confirmed or commented publicly on the announcement. Trump and Modi Speak by Phone The announcement followed a phone conversation between Trump and Indian Prime Minister Narendra Modi, a call that was first hinted at by U.S. Ambassador to India Sergio Gor. “President Trump just spoke with Prime Minister Modi. STAY TUNED…,” Gor wrote in a brief post on X, offering no further details. Trump later described the call as “an honour,” praising Modi as one of his “greatest friends” and calling him a “powerful and respected leader.” In the Truth Social post, Trump said the two leaders discussed trade and the war between Russia and Ukraine, though he did not elaborate on specific outcomes from the conversation. Social Media Posts Spotlight India Ties Earlier in the day, Trump shared multiple posts related to India on Truth Social, signaling renewed attention to the bilateral relationship. One post featured a photograph of the India Gate monument, which Trump described as “India’s beautiful Triumphal Arch,” adding, “Ours will be the greatest of them all!” In another post, Trump shared an image of himself and Modi on a magazine cover that labeled the two leaders as “newsmakers of the year 2025.” The posts appeared to underscore Trump’s emphasis…
Filed under: News - @ February 2, 2026 6:18 pm