Trump cancels 25% Russia related tariffs on Indian goods

US President Trump announced the cancellation of the 25% tariff previously imposed on Indian goods due to India's procurement of Russian oil, in order to implement the terms of the trade agreement reached between the two countries earlier this week. India has promised to stop importing Russian oil and will purchase energy products from the United States, while planning to expand defense cooperation with the United States in the next decade. The measures to cancel tariffs will take effect at 12:01 am Washington time on February 7th. In addition, the United States is expected to reduce the "equivalent" tariffs imposed on Indian products to 18%. In exchange, India agreed to purchase $500 billion worth of American products and eliminate trade barriers to American goods.