Washington (AFP) — United States President Donald Trump announced a trade deal to reduce tariffs on India, sending Mumbai stocks soaring Tuesday, as he said Prime Minister Narendra Modi had promised to stop buying Russian oil over the war in Ukraine.

Trump said he was cutting levies on Indian goods to 18 percent. He had previously imposed 25 percent “reciprocal” tariffs on many products, plus an additional 25 percent for New Delhi’s purchases of Moscow’s oil.