Trump says U.S. and India agree to trade deal, lowers 'reciprocal tariff' on India to 18%

Summary

CNBC's Eamon Javers reports from the White House that President Trump posted on social media about a call with Indian Prime Minister Modi. Trump said India agreed to stop buying Russian oil and that the U.S. will lower reciprocal tariffs on India from 25% to 18% while India will remove tariffs and trade barriers against U.S. goods. The report notes that the Indian government has not yet confirmed the terms.

• Trump announced a social-media-posted trade agreement with India.
• Trump said India will stop purchasing Russian oil.
• Trump said U.S. reciprocal tariffs on India will fall from 25% to 18%.
• Trump said India will impose zero tariffs and trade barriers against U.S. goods.
• Eamon Javers reported the details and said Indian government confirmation is pending.
• No investment recommendation or market thesis was stated in the segment.