India’s Modi hails ‘great news’ after US slashes tariffs as part of new trade deal

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.The pact cuts US “reciprocal” duties on Indian products to 18 per cent from 25 per cent, and commits India to large purchases of US energy and industrial goods.US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.The deal eases months of tensions over India’s oil purchases – which Washington says fund a conflict it is trying to end – and restores the close ties between Trump and the man he describes as “one of my greatest friends”.“Great news for India and USA!” Modi said on social media on Saturday, praising Trump’s “personal commitment” to strengthening bilateral ties.The agreement, he said, reflected “the growing depth, trust and dynamism” of their partnership.Modi’s remarks came hours after Trump issued an executive order scrapping an additional 25 per cent levy imposed over New Delhi’s purchases of Russian oil, in a step to implement the trade deal announced this week.