US President Trump announced Monday that he and Indian Prime Minister Narendra Modi have agreed to a trade deal that will lower tariffs on products from India to 18% and halt India`s purchase of Russian oil.

In a post on Truth Social, the president said Modi also committed to buy American products at a much higher level and purchase more than $500 billion in U.S. energy, technology, agriculture, coal and other goods. The president said India will buy more oil from the U.S. and "potentially" Venezuela.

"He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela," Mr. Trump wrote. "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."

Mr. Trump imposed tariffs on products from India of as high as 50% last year in a bid to pressure the country from buying Russian oil. India is one of Russia`s largest crude oil customers, and the country`s continued trade with Moscow during the war in Ukraine has strained the U.S.-India relationship.

Modi later confirmed the reduced tariff rate on X.

"Delighted that Made in India products will now have a reduced tariff of 18%," Modi wrote. "Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement. When two large economies and the world`s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation."

India struck a landmark trade agreement with the European Union last week, with some leaders saying that Mr. Trump`s trade policies spurred the two sides to finalize a deal that had been years in the making.