New Delhi [India], February 3 (ANI): External Affairs Minister S Jaishankar on Tuesday welcomed the India-US trade deal, where Washington reduced the tariffs on India to 18 per cent, saying that the agreement will boost job creation, spur economic growth, promote innovation, and strengthen India's flagship 'Make in India' initiative.

In a post on X, EAM Jaishankar hailed the announcement, which came following a conversation between US President Donald Trump and Prime Minister Narendra Modi.

'Welcome the announcements on bilateral trade following the conversation between PM Narendra Modi and President Donald Trump. This will create more jobs, spur growth and promote innovation in both economies. It will strengthen 'Make in India' endeavours and encourage trusted technology ties. The opportunities in our economic engagement are truly vast and we are confident of realising them. A robust economic relationship is the strongest foundation for our strategic partnership,' the EAM said in a post on X.

The remarks by the EAM come after Trump, earlier in Monday, said that the US and India 'have agreed to a trade deal' with Washington reducing the reciprocal tariff from 25 per cent to 18 per cent, 'out of friendship and respect' for PM Modi. He further stated that the deal will come 'effective immediately'.

In his Truth Social post, Trump referred to his conversation with PM Modi earlier in the day, noting that the Prime Minister was one of his closest friends and a powerful, respected leader of India.

The US President also claimed that PM Modi had agreed to 'stop buying Russian Oil', and to buy much more from the US.

Trump further noted that India would reduce tariffs and non-tariff barriers against the US.

'It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO,' Trump's post read.

'The Prime Minister also committed to 'BUY AMERICAN,' at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!' he added.

Following Trump's post, Prime Minister Narendra Modi, in a post on X, said that it was wonderful to speak with his 'dear friend President Trump' and expressed delight that 'Made in India products will now have a reduced tariff of 18%'.

'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,' PM Modi wrote in a post on X.

Meanwhile, a White House official confirmed to ANI that Washington will also drop the additional 25 per cent tariff on Indian imports imposed due to New Delhi's purchase of Russian oil, noting that India has to 'cease, not just reduce, Russian oil purchases.'

When asked by ANI whether the tariffs on Indian imports would be lifted in exchange for reducing Russian oil purchases, the official said, 'Yes, although the agreement is that India will cease, not just reduce, Russian oil purchases.' (ANI)