India and US strike major trade deal - Global News Podcast Recap

Podcast: Global News Podcast

Published: 2026-02-03

Duration: 27 minutes

Guests: Steve Rosenberg

Summary

The US and India have struck a trade deal where India will stop buying Russian oil in exchange for reduced tariffs on its goods. However, India's acknowledgment of this arrangement is not clear.

What Happened

A major trade deal between the US and India was announced by President Trump, stating that India agreed to cease purchasing Russian oil and would buy more oil from the US and possibly Venezuela. In return, the US will lower tariffs on Indian goods to 18%. However, Indian Prime Minister Narendra Modi has not publicly confirmed any agreement regarding Russian oil, only acknowledging the tariff reduction.

India's hesitation to completely cut off Russian oil imports is attributed to the low cost and the historical alliance with Russia. Despite this, recent months have seen India increase its oil purchases from the US, indicating some alignment with the deal's intentions.

The reduction in tariffs is expected to benefit India's export-heavy sectors such as textiles, auto-ancillaries, gems and jewelry, and seafood, which have suffered under previous high tariffs. This change comes amid a broader shift in India's trade policies towards more openness and competitiveness with other Asian economies.

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Key Insights

• India's agreement to increase oil purchases from the US comes with a reduction in US tariffs on Indian goods to 18%, which is expected to boost India's textiles, auto-ancillaries, gems and jewelry, and seafood sectors.
• Despite the US-India trade deal, Indian Prime Minister Narendra Modi has not publicly confirmed any commitment to cease purchasing Russian oil, highlighting India's longstanding alliance with Russia.
• Bill and Hillary Clinton have agreed to testify before Congress regarding their past interactions with Jeffrey Epstein, following threats of contempt charges for non-cooperation.
• NASA's Artemis II mission to the moon is undergoing a critical wet dress rehearsal, which has encountered a fuel leak, as part of its goal to establish a long-term human presence on the moon.