The United States and India have reportedly reached a trade deal that would slash tariffs on a number of goods traded between the two countries. 

According to The New York Times, both U.S. President Donald Trump and Indian Prime Minister Narendra Modi acknowledged the deal on social media, with the U.S. agreeing to cut its existing tariffs against India from 25% to 18%, in exchange for India fully eliminating its own tariffs against the U.S., and ending its purchasing of Russian oil.

“When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation,” Modi said in a February 2 post on X.

Trump also spoke of an agreement to have India increase its spending on American exports, which would include $500 billion worth of U.S. energy, technology, agriculture, coal and other products. However, neither Trump nor Modi offered details regarding the exact products India would be buying, or the time period over which those purchases would occur.

This comes less than a week after India and the European Union announced what EU Commission President Ursula von der Leyen described as "the mother of all deals," eliminating tariffs on 90% of all goods traded between the two, and establishing a framework for defense and security cooperation. At the time it was unveiled, the deal was lauded by EU officials as a strategic necessity in the face of growing global economic instability brought on by Trump administration tariffs.