India, Feb. 2 -- United States President Donald Trump announced a trade deal with India Monday, saying that American tariffs on India would be reduced from 50 per cent to 18 per cent.

The US President further said in a post on Truth Social that India had agreed to stop buying Russian oil, and would also purchase $500 billion worth of US energy and tech.

Following the announcement, US ambassador to India Sergio Gor said the relationship between both countries has "limitless potential."

"As I have said many times, President Trump genuinely considers Prime Minister Modi a great friend! Thrilled by the news of the trade deal this evening. The relationship between the United States and India has LIMITLESS POTENTIAL!" Gor said in a post on s...