Trump says US, India agree to deal as Modi pledges to stop buying Russian oil

President Trump on Monday said the US and India had agreed to a trade deal after he spoke with Indian Prime Minister Narendra Modi.

Trump said the baseline US tariff rate on goods from India would drop to 18% from 25%. The US president also claimed that Modi had “agreed to stop buying Russian Oil.” India is also currently facing an additional 25% “secondary” tariff on its purchases of Russian oil.

“Our amazing relationship with India will be even stronger going forward,” Trump wrote on Truth Social.

Modi also agreed to buy American products “at a much higher level,” Trump said.

The apparent US deal with India comes as US trade partners are clinching long-negotiated deals in a rebuke to the Trump tariff regime. India and the EU announced a trade deal last week that the EU dubbed the “mother of all deals,” which came after years of negotiations between the two sides.

President Trump is planning to launch a $12 billion minerals stockpile, according to Bloomberg News, in a bid to counter the US’s reliance on China for rare earth materials.

The initiative has been dubbed Project Vault and will combine $1.67 billion in private capital with a $10 billion loan from the US Export-Import Bank. It is hoped that this venture will help acquire and store minerals for automakers, tech companies and other manufacturers.

Rare earth materials are key components used in a variety of products, such as smartphones, cars and rechargeable batteries. China has the largest reserve of rare earths and last year restricted exports of the materials due to Trump’s tariffs. In November, China lifted the restrictions as part of a one-year trade truce with the US.

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President Trump’s global tariffs have failed to stop Toyota Motors (TM), the Japanese car company said on Thursday that it had sold a record 11.3 million vehicles globally in 2025.

Toyota Motors will retain its position as the world’s top-selling automaker in 2025, and its recent sales growth has come despite Trump’s aggressive tariff policies.

Trump initially imposed 25% tariffs on Japanese automakers but reduced them to 15% after reaching a deal with Japan’s Prime Minister Sanae Takaichi.

The stock rose 2% during early trading on Thursday.

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Hyundai Motor (005380.KS) reported worse-than-expected fourth quarter operating profit on Thursday, with the company citing President Trump’s tariffs as a key factor. The South Korean automaker did forecast higher sales and profit margins, but the drop marks the third consecutive decline in quarterly profit for the carmaker.

Trump initially hit Seoul with 25% tariffs on imported autos, which were later cut to 15% in April as part of a trade deal. However, this week, Trump threatened to increase tariffs on South Korea back up to 25%. Later, Trump told reporters that he hoped the two countries would be able to work something out.

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Defying President Trump’s tariffs, Switzerland managed to export a record number of goods to the US last year despite Trump imposing some of his highest tariffs on the country.

Excluding gold, Swiss shipments worth $71.5 billion went to the US in 2025. This represents a 3.9% increase from 2024, according to data published by the Swiss customs office on Thursday.

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President Trump said on Tuesday that the US and South Korea will work toward a solution in response to a question about his threat this week to increase tariffs on imports, including cars, from South Korea to 25%, up from 15%.

The news caused South Korean automaker stocks to fall. Trump said the increase in tariffs was due to Seoul not fulfilling its part in the trade deal the two sides agreed upon last year.

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The US and India are nearing a trade deal, according to reports from CNBC on Tuesday. India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri told CNBC that negotiations are at an “advanced stage.”

Trade talks between the US and India have been fragile over the last few months. Last year, President Trump hit New Delhi with 25% duties and an added tariff of 25% due to its purchase of Russian oil, which Trump said was helping to fund the war in Ukraine.

India and the EU signed a historic trade deal today, which was two decades in the making, and which some have said is a rebuff to Trump and some of his aggressive tariff policies.

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South Korean stocks started to gain on Tuesday, following a drop after President Trump’s threat to raise tariffs on South Korean goods, including autos, to 25% from 15%.

But despite a small recovery, South Korean automakers were still down at market close. Hyundai Motor (005380.KS) was down 0.8% after falling 4%, Kia Corp (000270.KS) closed down 1% after dropping as much as 6%, and Hyundai Mobis (012330.KS) was 1% down following an earlier loss of 5%.

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India and the EU have agreed on a trade deal, as both countries look to deepen relations and economic ties and offset the impact of President Trump’s tariffs.

The deal between New Delhi and Brussels has been two decades in the making, and it comes at a time when India and the US have failed to agree on a comprehensive trade deal despite months of negotiations. Meanwhile, the EU trade agreement with the US almost stalled last week due to Trump’s pursuit of Greenland.

The India-EU agreement also follows Canada’s trade deal with China, which led Trump to threaten the US’s Canadian neighbors with further tariffs.

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President Trump on Monday said he was increasing tariffs on goods from South Korea, accusing the country of “not living up to its Deal” with the US.

Trump specifically blamed the South Korean legislature, which he said has been delaying the enactment of the deal. The countries agreed to the deal over the summer and announced key details in November.

“Because the Korean Legislature hasn’t enacted our Historic Trade Agreement, which is their prerogative, I am hereby increasing South Korean TARIFFS on Autos, Lumber, Pharma, and all other Reciprocal TARIFFS, from 15% to 25%,” Trump wrote on Truth Social.

South Korea-based Hyundai (005380.KS) is the largest importer of new vehicles from South Korea into the US.

Rare earths will be a key talking point this week at the meeting of Group of Seven finance officials, which will take place in France on Tuesday.

Discussions will focus on supplies of critical raw materials.

The G-7 meeting will include the World Bank and the International Monetary Fund (IMF).

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