India, Feb. 2 -- US President Donald Trump on Monday announced a trade deal between India and the United States after a phone call with Prime Minister Narendra Modi. Under the agreement, the US will lower tariffs on India from 25 per cent to 18 per cent.

In return, India has agreed to stop buying Russian oil, and will purchase $500 billion worth of US energy and tech, Trump said in a post on Truth Social.

PM Modi took to social media platform X, thanking US President Trump for the announcement, while also hailing the lowering of US tariffs.

"Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion...