India to cut Russian oil purchases, U.S. to slash tariffs as they near trade deal

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The U.S. could substantially slash tariffs on Indian exports as the two countries near a trade deal that could see New Delhi cutting oil purchases from Russia, Indian media outlet Mint reported Wednesday.

As part of the trade deal, Washington could slash tariffs on Indian exports to 15%-16% from the current 50%, Mint reported citing three unnamed sources aware of the matter.

India is also considering raising its import quota for non-genetically modified corn from the U.S. — currently 0.5 million tonnes annually — even with a import duty of 15%, while pushing for a mechanism under which both sides can revisit tariffs and market access over time, the report said.

On Tuesday, U.S. President Donald Trump said he had received assurance from Indian Prime Minister Narendra Modi in a phone call that New Delhi would scale back purchases of Russian oil.

“He’s not going to buy much oil from Russia. He wants to see that war end as much as I do. He wants to see the war end with Russia, Ukraine, and as you know, they’re not going to be buying too much oil,” Trump told reporters abroad Air Force One, while threatening that New Delhi would keep paying “massive” tariffs if it did not do so.

In a post on X on Wednesday morning local time, Modi confirmed the phone call with Trump, adding that he hoped the two countries continue to “stand united against terrorism in all its forms,” without mentioning India’s stance on Russian oil.

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