New Delhi: White House Press Secretary Karoline Leavitt stated on Tuesday that India has agreed to end its purchases of Russian oil and instead increase its imports of American crude, possibly including oil from Venezuela, under a newly announced trade arrangement between the two countries.
Speaking outside the White House, Karoline Leavitt said that following direct discussions between President Donald Trump and Prime Minister Narendra Modi on Monday, India committed not only to halting Russian oil imports but also to expanding energy trade with the United States. She added that sourcing oil from Venezuela could also benefit the U.S. economy.
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Karoline Leavitt further highlighted that India has proposed additional economic cooperation, including USD 500 billion in investments in the United States across transportation, energy, and agriculture sectors.
Earlier, President Trump confirmed the trade deal on Truth Social, noting that the U.S. agreed to lower its reciprocal tariff on Indian products from 25% to 18% “out of friendship and respect” for PM Modi. Trump also claimed that India would reduce its tariffs and non-tariff barriers against the U.S., and emphasized Modi’s commitment to buying more U.S. oil while ending Russian imports.
Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement.
When two large economies and the…
— Narendra Modi (@narendramodi) February 2, 2026
In response, PM Modi tweeted his pleasure at the discussion, calling Trump a “dear friend” and expressing satisfaction that “Made in India” products will now face reduced tariffs of 18%.
Commerce and Industry Minister Piyush Goyal assured that sensitive sectors of India’s economy, particularly agriculture and dairy, have been protected under the trade deal. He praised PM Modi’s efforts in safeguarding these sectors, highlighting widespread public appreciation for the move.