India, Feb. 2 -- US President Donald Trump on Monday announced a new trade deal with India featuring lower reciprocal tariffs and expanded market access, while claiming that New Delhi would halt purchases of Russian oil and sharply increase imports of American goods. India has now confirmed the tariff reduction portion of the agreement, with Prime Minister Narendra Modi welcoming the move in a public statement after the call.

In a social media post, PM Modi said he had a "wonderful" conversation with Trump and thanked him for lowering tariffs on Made in India products to 18 per cent. However, the Indian statement did not mention any commitment on stopping Russian oil purchases or reducing all tariffs and non-tariff barriers to zero, as c...