New Delhi, Nov. 11 -- US president Donald Trump said tariffs on India will be lowered "very substantially", signalling an easing of tensions over New Delhi's Russian oil purchases as the two countries near a trade deal.

Mint first reported on 22 September that US tariffs on India may be reduced to 15-16% from a steep 50%, and that a deal is likely to be announced in November. Speaking to reporters at the White House on Monday (US time), Trump said the US is "getting close" to reaching a trade agreement with India, and that tariffs will be reduced "at some point".

"We're working on a very good deal with India. The tariffs will come down very substantially. It will happen at some point," Trump told reporters at the swearing-in ceremony of...