India, Feb. 3 -- The United States and India have reached a new trade agreement that will reduce US tariffs on Indian goods to 18%, down from 50%, including the removal of a 25% penalty previously tied to India's oil imports from Russia.

The development was announced by US President Donald Trump on Monday following a phone call with Prime Minister Narendra Modi of India. According to President Trump, the revised tariff structure is part of a broader arrangement to reshape trade and energy ties between the two countries.

According to statements posted on Truth Social by President Trump, India has agreed to scale back its imports of Russian crude oil and increase purchases from the United States and, potentially, from Venezuela.

Presiden...