President Donald Trump said Monday that he plans to lower tariffs on goods from India to 18%, from 25%, after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil.

India unlikely to cease all crude oil purchases from Russia immediately which could be disruptive to India's economic growth, Moody's says.

Donald Trump said Washington would reduce its reciprocal tariff on Indian goods to 18% and drop the additional 25% penalty imposed over India’s purchase of Russian oil, while New Delhi would move to c...