New Delhi, Feb. 3 -- India and the United States have announced a fresh trade understanding centred on a sharp reduction in American tariffs on Indian goods, following a call between Donald Trump and Narendra Modi. While New Delhi has formally confirmed the tariff relief, several wider claims made by the US President-ranging from Russian oil purchases to a $500 billion buying pledge-remain unverified by the Indian side.

US President Donald Trump said on Monday that he and Prime Minister Narendra Modi "have agreed to a Trade Deal" between the United States and India, under which Washington DC will apply a reduced reciprocal tariff of 18 per cent, down from 25 per cent.

India has since confirmed this tariff reduction, with Prime Minister ...