New Delhi, Feb. 3 -- US Ambassador to India Sergio Gor on Monday described the India-United States relationship as having "limitless potential", following President Donald Trump's announcement of a new bilateral trade agreement that sharply lowers American tariffs on Indian goods and signals a major realignment in energy and technology cooperation.

President Trump announced that US tariffs on Indian products would be reduced from 50 per cent to 18 per cent, calling it a significant breakthrough in trade negotiations between the two countries. The announcement was made through a post on the President's Truth Social platform.

The US President also said that India had agreed to stop purchasing Russian oil and would instead buy $500 billion...