Trump Tariff Cut Updates: US President Donald Trump on Monday announced a trade deal with India that slashes US tariffs on Indian goods to 18 per cent from 50 per cent in exchange for India halting Russian oil purchases and lowering trade barriers. Trump announced the deal on social media following a call with Indian Prime Minister Narendra Modi, noting that India would now buy oil from the US and potentially Venezuela. Here’s a timeline of events since Trump imposed a 50 per cent tariff on Indian goods being shipped to the US.