India, Feb. 3 -- US President Donald Trump and Prime Minister Narendra Modi announced a trade deal after a phone call on Monday, with tariffs on Indian goods being lowered to 18 per cent and the Republic leader claiming that New Delhi would 'stop' purchasing Russian oil.

The breakthrough comes after nearly a year of tense negotiations that strained the bilateral ties between New Delhi and Washington, with higher tariffs imposed on India, along with a penalty over Russian oil purchases.

Members of The Asia Group (ASIA), including co-founder and chairman Kurt Campbell, reacted to the trade deal, saying that it would pave the way for a "stronger economic partnership".

Campbell said that the India-US trade deal is a "welcome but overdue si...