US lauds India trade deal

The agreement announced by President Donald Trump would bring direct benefits to the US economy and American consumers, along with safeguarding key Indian sectors

Washington/New Delhi: The White House has hailed a new trade agreement with India, saying Prime Minister Narendra Modi has committed to end purchases of Russian oil, buying energy from the United States, and investing $500 billion across key American sectors.

White House Press Secretary Karoline Leavitt said the agreement announced by President Donald Trump would bring direct benefits to the US economy and American consumers. “India committed to not only no longer purchasing Russian oil, but buying oil from the United States, also perhaps from Venezuela too, which will now have a direct benefit on the US and American people,” Leavitt said.

She said the Indian prime minister had also committed to large-scale investments in the United States. “PM Modi committed to an investment of $500 billion into the United States, including energy, transportation, and agricultural products,” she said.

US Trade Representative Jamieson Greer told CNBC that the agreement would retain some tariff measures while opening Indian markets in several sectors. “We’ll continue to maintain some level of tariff against India,” Greer said.

Greer also made clear that India would retain safeguards for sensitive farm sectors. “India, like every country in the world, including the United States, has some protection around some certain key areas in agriculture, and they will continue to control that,” he said.

Trump earlier announced that India and the United States had reached a trade deal, outlining key elements after a phone conversation with Prime Minister Narendra Modi, whom he described as “one of my greatest friends.”

According to Trump, the trade deal would take effect immediately. He said India would “move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO.”