New Delhi, Feb 3 (NationPress) Following the implementation of the recent trade agreement with the US, India now stands as one of the countries subjected to the lowest tariff rates by the Donald Trump administration in comparison to other Asian nations like China, Pakistan, Indonesia, Bangladesh, and Vietnam.

The tariff imposed by the US on Indian products is nearly on par with those imposed on America’s closest allies, which include the United Kingdom (10 percent), the European Union (15 percent), Switzerland (15 percent), Japan (15 percent), and South Korea (15 percent).

Countries facing the highest tariffs from the US include Brazil (50 percent), Myanmar (40 percent), Laos (40 percent), China (37 percent), and South Africa (30 percent).

Under the newly agreed trade deal, the US will reduce its tariffs on Indian goods to 18 percent from the existing 50 percent in exchange for India ceasing its imports of Russian oil and lowering trade restrictions, as announced by US President Trump. He shared this news on social media after a conversation with Indian Prime Minister Narendra Modi, highlighting that India would begin sourcing oil from the US and potentially Venezuela.

Prime Minister Modi expressed his joy, stating, "Made in India products will now benefit from a reduced tariff of 18 percent."

"It was wonderful to converse with my dear friend President Trump today. I am thrilled that Made in India products will now see a reduced tariff of 18 percent. A big thanks to President Trump on behalf of the 1.4 billion people of India for this fantastic announcement," PM Modi remarked.

He emphasized that collaboration between two major economies and the largest democracies in the world is advantageous for the populace and "unlocks immense opportunities for mutually beneficial cooperation."

The US has decided to eliminate the punitive 25 percent duty on all imports from India in light of its purchases of Russian oil.

Additionally, PM Modi pledged that India would "BUY AMERICAN at a significantly higher level," committing to acquire over $500 billion worth of US energy, including coal, technology, agricultural products, and more, according to Trump’s social media update.

"India will also proceed to eliminate their tariffs and non-tariff barriers against the United States to ZERO," Trump stated.

Prior to Trump’s return to office, which saw US tariff rates escalate to double-digit figures last year, India had some of the highest tariffs globally, with a simple applied rate of 15.6 percent and an effective applied tariff of 8.2 percent, based on data from the World Trade Organization.

Trump's message on Truth Social provided limited information, including the commencement date for the reduced tariff rates, the deadline for India to cease Russian oil purchases, trade barrier reductions, and the specific US products India committed to purchasing.