WASHINGTON (Reuters) -- US President Donald Trump on Monday announced a trade deal with India that slashes US tariffs on Indian goods to 18 percent from 50 percent in exchange for India halting Russian oil purchases and lowering trade barriers.
Trump announced the deal on social media following a call with Indian Prime Minister Narendra Modi, noting that India would now buy oil from the US and potentially Venezuela.
A White House official told Reuters that the US was rescinding a punitive 25 percent duty on all imports from India over its purchases of Russian oil that had stacked on top of a 25 percent "reciprocal" tariff rate.
US-listed shares of major Indian companies rallied on the news. IT consulting firm Infosys closed 4.3 percent higher, consultancy Wipro rose 6.8 percent, HDFC Bank gained 4.4 percent and the iShares MSCI India exchange-traded fund rallied 3 percent.
Trump's announcement added to positive sentiment over semiconductor make
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