What’s been agreed: Donald Trump said Washington would reduce its reciprocal tariff on Indian goods to 18% and drop the additional 25% penalty imposed over India’s purchase of Russian oil, while New Delhi would move to cut its tariffs and non-tariff barriers on US goods to zero and significantly increase purchases of American products.

What Trump and Modi said : “It was an honour to speak with Prime Minister Modi,” Trump said, adding that India had agreed to stop buying Russian oil and commit to buying more than $500 billion worth of US energy, technology and agricultural products, while PM Modi said he was “delighted” that tariffs on Made in India goods had been reduced and called the deal beneficial for both democracies.

The breakthrough comes days after India and the European Union concluded a long-pending free trade agreement, as New Delhi seeks to diversify partnerships amid global trade tensions.